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Issue No. 275 | 05 August 2005 |
Iemma�s Dilemmas
Interview: On Holiday Unions: One Day Longer Industrial: Never Mind the Bollocks Politics: Spun Out Economics: If the Grog Don't Get You .... History: Taking a Stand International: The Split Legal: Pushing the Friendship Poetry: Simple Subtractions Review: Sydney Trashed
Discriminating Centrelink on Charges Taxpayers to Fund Advertising Orgy Constituents Don�t Trust Andrews Howard Steamroller Hits Building Sites
Parliament The Soapbox The Locker Room International Postcard
AFL-CIO Not The Only War Be Afraid Frame Up We Love Morris ANew Development A Readers Suggestion
Labor Council of NSW |
News Thousands in Super Rort
Independent figures show that union backed industry superannuation delivered double-digit returns last year. Nine of the top 10 superannuation funds over the last five years were industry funds, according to the latest figures from independent analyst SuperRatings. It is a figure backed up by rival researcher, Rainmaker Information. Its research shows that seven of the top 10 funds were not-for-profit industry plans. The Financial Review described the not-for-profit industry funds as "stars of the show". Michael Rice from independent actuary Rice Walker told the Fin: "It is remarkable how industry funds, statistically, have always been good performers since they started in 1985. "When the stockmarket has been down, they have tended not to have very big downturns. They have also been prepared to take punts like reducing exposure to international shares. And so far they have been pretty right. I think, given the record, you'd have to say that it is good management rather than luck." Rice says industry funds can charge fees that are as much as one per cent a year lower than commercial rivals. Industry funds now control $104 billion of the nation's retirement savings. The government's "super choice" campaign allows employers to shift their employees' superannuation into the fund of the bosses' choice unless workers specify otherwise. More than 17,000 small businesses diddled employees of their superannuation last financial year, the Australian Taxation Office reported, last week. One of the key reasons the federal government has advanced for sweeping workplace change is to limit the rules small business has to abide by.
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