I believe I mention this specifically. Though it would help if you were clearer about what you mean.

I'm referring to things such as:

1) Insurance - particularly "junk" insurance which effectively can't be claimed on.

2) "Advisor" fees -  particularly "fees for no service", as highlighted in the Financial Services RC.

3) Other miscellaneous fees and charges, which provide no benefit to the client. (Exit fees - since banned - would be one such example).

I disagree with the idea of abandoning Super, primarily because given the "choice" many people will not put aside something for their future...many simply because they'll feel they don't have a choice (Cost of Living pressures etc.)

The Super system has its faults, granted. And Governments constantly tinkering with the rules don't help.

But at least "forcing" people to save *something* through their working lives gives them a shot at a reasonable retirement. Because I'd be willing to bet that the Age Pension, as a social safety net, will be all but inaccessible in a number of years.

Without something in the kitty, what would people do then...?

Valkie wrote on Sep 20^th, 2020 at 9:23am:


That sounds like some so called AMP Superfund. It wasnt a Govt run super fund. Sounds like a private enterprise insurance scam. Who was it with?

Might as well weigh in here again...

Another article in The Age, this one about the LNP's ideological war on Industry Super.

Senator Andrew Bragg is there, as usual shilling for anything that isn't Industry Super.

"Senator Bragg will tell the conference he is "pragmatic" about the future of superannuation and wants to fix a system that was "30 years old and not delivering". Bad Egg, a scathing book he wrote in early 2020, has put him at odds with the super industry as it raised concerns he has with the system, accused super funds of becoming major political donors and suggested significant reforms."

Not delivering, Andrew? I don't know...the Industry Funds and their members seem to be doing alright.

Would your definition of "delivering" be a bunch of people having their next eggs eroded over the years by for-profit funds acting in the interests of shareholders first and foremost?

Doesn't quite pass the pub test, mate.

You have to wonder why these people constantly attack Industry Super, when it has so far outperformed Retail Funds over the last 30-odd years, it is not even funny.

Perhaps it's because the Industry funds (A) don't donate to the LNP, and (B) they are slowly but surely reducing their exposure to investments in the COALitions favoured fossil fuel industries...?

I don't know about others, but I for one will continue to watch the tit-for-tat between Bragg/Wilson and the industry funds with a degree of mirth.

Why?

Because the Royal Commission into Financial Services - the one the LNP had to be dragged kicking and screaming to set up - basically vindicated what Industry Super is doing. That is, providing solid outcomes for members. (Something the Retail Funds have consistently failed to do anywhere near as well).

What must really grate on these people, is that the RC also cemented the role the Industry Funds play, in the minds of many average mug punters.

Like or loathe Super...it's immaterial.

Super is here to stay. And the Industry Funds are too.

The LNP can take that and smoke it, for all I care.