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Issue No. 333 | 17 November 2006 |
Altered States
Interview: Common Ground Industrial: A Low Act Unions: The Number of the Least Politics: The Smoking Gun Economics: Microcredit, Compulsory Superannuation and Inequality Environment: Low Voltage History: The Art of Social Justice Review: Work�s Unhealthy Appetite Culture: A Forgotten Poet
Westpac Banks on Aussies, No Joshing TAFE Chiefs Want WorkChoices Cut �Elephant� Knocks Over Unicentre Sparks Fly Over Electrical Interference States Quarantine Remaining Rights Carpeted Victorians Fight AWAs Golden Geese Rule - Have a Gander Super Result for Industry Funds
The Soapbox Parliament
Labor Council of NSW |
News Super Result for Industry Funds
Where industry funds charged on average $453.26 a year to manage members' nest eggs, retail funds charged $763.07 according to the Australian Securities and Investments Commissions, which has been tracking the fees since the Federal Government introduced 'choice of fund' legislation last year. Industry funds were only beaten on fees by in-house company-managed funds, which are becoming much less prevalent. ASIC's is just the latest in a string of studies which show union-backed industry super funds deliver better outcomes in returns and low fees for fund members. Over time, higher fees have a considerable impact on returns, ASIC said. On a $50,000 account balance with annual contribution of $5000, total fees per year can vary between zero and $1800, with the average about $650. ASIC estimated that paying 1 percent less in fees could mean a 20 percent boost in super benefits over 30 yea
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