The federal government wants all Australian workers to choose where their superannuation is paid under plans to scrap fund restrictions for four million employees.

Assistant Treasurer Kelly O'Dwyer on Monday confirmed a proposal to scrap laws allowing employers to limit fund choice, amid analysis showing 26 per cent of workers on enterprise bargaining agreements had no option.

"Your superannuation is your money... you should be able to say where that money goes," she told reporters in Hobart.

And not before time.
Well done Malcolm. This will allay the fears of the doubters.

We have 60 employees
We put super into 24 different funds
It takes an office employee a full day every month.

All for super & choice but at some stage a line must be drawn.

Lets compromise an employer has to offer say 10 choices

If an employees doesn;t like those choices their super and all obligations that go with it are transferred to the employee once a month.

Dsmithy70 wrote on Jan 11^th, 2016 at 2:06pm:

We have 60 employees We put super into 24 different funds It takes an office employee a full day every month. All for super & choice but at some stage a line must be drawn. Lets compromise an employer has to offer say 10 choices If an employees doesn;t like those choices their super and all obligations that go with it are transferred to the employee once a month.

This just sounds like procedural problem.

The ATO should really manage super along with collecting PAYG.

We have always had this choice in WA, is it different in other states ?

Kytro wrote on Jan 11^th, 2016 at 2:09pm:

Dsmithy70 wrote on Jan 11th, 2016 at 2:06pm: We have 60 employees We put super into 24 different funds It takes an office employee a full day every month. All for super & choice but at some stage a line must be drawn. Lets compromise an employer has to offer say 10 choices If an employees doesn;t like those choices their super and all obligations that go with it are transferred to the employee once a month. This just sounds like procedural problem. The ATO should really manage super along with collecting PAYG.

Oh it's procedural alright.

Some of these funds are just downright PAINFUL.

State Super would not even accept EFT, had to send cheque.

Assistant Treasurer Kelly O'Dwyer on Monday confirmed a proposal to scrap laws allowing employers to limit fund choice, amid analysis showing 26 per cent of workers on enterprise bargaining agreements had no option.

I thought this had already been dealt with.


Dsmithy70 wrote on Jan 11^th, 2016 at 2:06pm:

If an employees doesn;t like those choices their super and all obligations that go with it are transferred to the employee once a month.

I think it should be up to the ATO to collect and disperse to whichever fund employees wanted. They already have accounts on everyone. I wouldn't imagine it's very difficult or much more expensive for them to amend their systems to accommodate super.

bogarde73 wrote on Jan 11^th, 2016 at 2:29pm:

Assistant Treasurer Kelly O'Dwyer on Monday confirmed a proposal to scrap laws allowing employers to limit fund choice, amid analysis showing 26 per cent of workers on enterprise bargaining agreements had no option.

thats what I read from  this Union corruption things...I dont know if its all unions but some at least make their members join the Union controlled superfund..


Quote:

UNION-CONTROLLED industry super funds spent $31 million of members’ money on advertising over the past year, including a $7 million political campaign against changes to shake up competition. The media blitz by the industry super funds is almost double the spending of all the retail superannuation funds, according to Nielsen data provided to corporate clients. Legislation to dilute the influence of board-appointed union officials by mandating a third of all directors be independent is stalled in the Senate. Legislation to give individuals a choice of super fund rather than be forced into an industry fund will be introduced in the new year.

cods wrote on Jan 11^th, 2016 at 2:37pm:

UNION-CONTROLLED industry super funds spent $31 million of members’ money on advertising over the past year, including a $7 million political campaign against changes to shake up competition. The media blitz by the industry super funds is almost double the spending of all the retail superannuation funds, according to Nielsen data provided to corporate clients. Legislation to dilute the influence of board-appointed union officials by mandating a third of all directors be independent is stalled in the Senate. Legislation to give individuals a choice of super fund rather than be forced into an industry fund will be introduced in the new year.

Union controlled super funds I.E Industry Super funds continually out perform their commercial counterparts despite what you have posted.
As an exercise & to broaden your knowledge Cods why don;t you find out how much members money commercial super funds spent on advertising & lobbying FOR changes in their favour.(ie what union funds opposed)

Also seeing your there why not ask why they never do as well as the thieving Union funds.

Funny though isnt it the union controlled super funds produce the best returns.

Perhaps a bit of advertising pays off codsy, good to see them running the more efficient funds

This might backfire on the private ones controlled by banks largely, one company I worked for required us employees to use a certain fund because it cost them the least in employer administration fees so the employees will be opting out of those rip off ones.

Be careful what you wish for private funds !

Dsmithy70 wrote on Jan 11^th, 2016 at 2:43pm:

cods wrote on Jan 11th, 2016 at 2:37pm: UNION-CONTROLLED industry super funds spent $31 million of members’ money on advertising over the past year, including a $7 million political campaign against changes to shake up competition. The media blitz by the industry super funds is almost double the spending of all the retail superannuation funds, according to Nielsen data provided to corporate clients. Legislation to dilute the influence of board-appointed union officials by mandating a third of all directors be independent is stalled in the Senate. Legislation to give individuals a choice of super fund rather than be forced into an industry fund will be introduced in the new year. Union controlled super funds I.E Industry Super funds continually out perform their commercial counterparts despite what you have posted. As an exercise & to broaden your knowledge Cods why don;t you find out how much members money commercial super funds spent on advertising & lobbying FOR changes in their favour.(ie what union funds opposed) Also seeing your there why not ask why they never do as well as the thieving Union funds.

Sound advice , fell on deaf ears  :P

Kytro wrote on Jan 11^th, 2016 at 2:09pm:

Dsmithy70 wrote on Jan 11th, 2016 at 2:06pm: We have 60 employees We put super into 24 different funds It takes an office employee a full day every month. All for super & choice but at some stage a line must be drawn. Lets compromise an employer has to offer say 10 choices If an employees doesn;t like those choices their super and all obligations that go with it are transferred to the employee once a month. This just sounds like procedural problem. The ATO should really manage super along with collecting PAYG.

This may be why employers limit superannuation choices for their staff. Rudd proposed a clearing house for superannuation in 2007. It was a good idea but was never implemented.

As you suggested, superannuation should go through the ATO, then there would be one payment instead of dozens.

So they'd rather that all super donations be placed in the hands of their mates who need a guaranteed income for life, even though the union funds make a better % return than business run ones?

Anyone else for a class war?  What else could this be?

No wonder people are becoming as alienated as boat smugglers done out of a living, who may well turn to jihad....

We-ell!  That stopped the conversation!

What you are saying is absolutely true grap and nobody can really argue with you. You pinpointed the real reason why they are trying to kill industry funds.

Sir Grappler Truth Teller OAM wrote on Jan 11^th, 2016 at 8:13pm:

So they'd rather that all super donations be placed in the hands of their mates who need a guaranteed income for life, even though the union funds make a better % return than business run ones? Anyone else for a class war?  What else could this be? No wonder people are becoming as alienated as boat smugglers done out of a living, who may well turn to jihad....

probably something to do with the recent report that more and more people are dying with large balances in their super funds .... the libs mates figure if the dead aren't going to use it they may as well get it while they can

Sir Grappler Truth Teller OAM wrote on Jan 11^th, 2016 at 8:13pm:

So they'd rather that all super donations be placed in the hands of their mates who need a guaranteed income for life, even though the union funds make a better % return than business run ones?

Of course it is. This mob look after their mates at the top end of town. This government also didn't launch a Royal Commission into the finance industry even though the need for one is very strongly indicated after several instances of corporate misconduct.