Superannuation very much on the political agenda

Not sure whether to laugh wryly or go Hooray, at last!

Articles in mainstream media this morning. Oh my is superannuation on the agenda:

https://www.smh.com.au/money/insura...urance-in-super-policies-20190109-p50qep.html

https://www.smh.com.au/business/the...500-000-to-some-accounts-20190109-p50qe7.html

https://www.smh.com.au/business/the...igger-retirement-problem-20190109-p50qfg.html

https://www.smh.com.au/business/ban...irement-system-laid-bare-20190109-p50qf7.html

https://www.smh.com.au/business/ban...meback-story-for-russell-20190109-p50qfn.html

https://www.smh.com.au/business/ban...rom-superannuation-funds-20190108-p50q70.html

https://www.smh.com.au/money/super-...mpted-tan-s-super-switch-20190109-p50qfo.html

Synopsis. Restating much of what was already known about problems with superannuation as it is presently structured but mostly ignored/denied by various regulators and Governments.

 

I still maintain we have one of the best retirement systems in the world. It's far from perfect, but the media make it out to be far, far worse than reality suggests.

 

I read the stuff out of Canberra and frankly it seems like spin and fluff. Morrison is playing three cup marley with the media to hide the fact the ship is sinking. Shorten just keeps silent. Even Scomo's shoes show the level of waste and attempt to spin happy times.

Certainly the best performing funds can make a difference but I have no idea where the value of $500K came from. Maybe a lotto win ?

One of the best strategies any super account can use isnt widely mentioned and its obvious. Thats changing the strategy to suit market conditions. eg reducing exposure to world and Australian markets if a market correction or economic slide is coming.
Then when it does, revert to growth again. Better to ride it up only, than riding it down + up.

Even the Scomo panel of ****** experts choosing the best funds wont stop the effects of a crash on member balances

 

This the part that worries me. They **** can Financial Advisers who give investment advice around super, but think that they can dictate to the masses which funds are "best of breed". What a load of ****. Isn't that what MySuper was supposed to achieve??

 

Biggest mob of idiots on all sides of Gov’t I can recall in a very long time. Senate is the worst.

 

Can I have the name of the provider of your crystal ball please?

 

Oh what a surprise:

Productivity Commission super report: Labor rejects superannuation reforms

 

Wish they'd stop toying with the goal posts

 

There are no goal posts. Politics yes but no goal posts.

 

The ****knuckles in labor are about to lose the un-loseable election.......this reminds me of Hewson and the GST.

If they don't moderate Negative Gearing and the Super Changes they could get slammed at the polls....when the election get going in full swing the libs might hti back hard...

Labor is forgetting that over 27% of the population is over 55 so things like Super will be important to them. Removing negative gearing will also not be popular that will just people like me richer...as I suspect rents will go up quickly as less people but older properties....approvals for new properties take longer and is labor intensive.....

 

Possibly @sash but it likely will depend on the demographic in particular electoral divisions not the percentage of over 55's across Australia as a whole.

 

The PC ignored why people have more than one super policy. It often because of life insurance cover they cant replicate anywhere else. If they forced a move from two funds to the one they choose, then who will consider the financial impacts ??? Idiots. Paid idiots.

They can financial advisers who charge an asset based fee (they keep using the term Commission - which has long been banned) but the trustee fees charged by the unions for the industry funds is no different and its secret. And the Trustees are remunerated - Union cronies. 2/3 trustees are union cronies. 1/3rd are independent...Yeah right. Lawyers and advisers to unions !! And former ALP politicians !

CBUS - Our members and employer interests are represented on the Cbus board through our sponsoring organisations. Our sponsoring organisations have equal representation on our board and are sourced from unions including the CFMEU, AMWU, AWU, PTEU, ACTU and ETU and employer associations, the MBA.

Great I dont want to be forced to join a union shop

 

IIRC, the CBUS board comprises equal representation from the Master Builders Association and the unions. It has been one of the better performing funds for the last 30 odd years (well better than some I have had the pleasure of being tied to by various employers).

Costs have been reasonable and returns more than acceptable (even in poor years when compared to the performance of other funds).

 

Maybe...lets see.....

 

And now it starts........

https://www.theage.com.au/politics/...mission-finding-on-super-20190210-p50wtx.html

 

Indeed. Group insurance policies from superfunds aren't that great either, giving a fall sense of security. A fully underwritten insurance policy that can be funded from super and/or outside super is the way go.

 

the name CBUS says a lot : Construction and Building Unions Superannuation Fund (Cbus)

CBUS has a board that comprises equal representation as is required by law . Part 9 of the Superannuation Industry (Supervision) Act 1993. s89 contains a limit of only one independent Director where Govt would prefer three equal groups so that independent Directors could affect dominance by unions who can influence both member and employer groups :
- Industry (employers) - who are sometimes union members and nominated by the union as their delegate
- Members (who are union members voted by the members)
- Independents...often ALP members who may have at some time represented unions so the sole person rule has been useless at preventing union dominance over what is always member money.

 

Our Board of Directors, Board Committees and Charters | Cbus Super

Each of the employer reps have come out of the employer organisation the Master Builders Association (though they may have originally had trade backgrounds)