The knives are out. The battle for the people’s money has flared again.
Should the compulsory superannuation contribution increase from the current 9.5% to 12.0%? And if yes, who pays for it.
The self interest brigade, the coalition of Industry Super is leading the charge but you know you got a problem when even the Grattan Institute is not on your side.
But statements like this show the what the battle is really about – and (hint hint) it is not a concern for the interest of retirees:
REST chief executive Vicky Doyle said an increase in contributions needed to occur so funds could recoup losses caused by the economic downturn and also the early release of super.
So the funds can recoup losses. Not members. Funds.
It’s all about the funds (ie managers) and not the members. More funds under management = more fees = more power.
The members are just a means to the end and the ends have nothing to do with the welfare of members.