Statement on the third interim report from the Senate inquiry

On the third interim report of the Senate inquiry into improving consumer experiences, choice and outcomes in Australia’s retirement system.

Comments attributable to Super Members Council CEO Misha Schubert:

We always welcome conversations about sensible evidence-based policy that would benefit members – but we do not support proposals that would undermine or dismantle a successful model that has delivered strong returns for members for over three decades.    

As in any other sector, profit-to-member funds strive to continuously strengthen governance processes and procedures.

But the report’s recommendations would fundamentally alter super funds’ structure in such a way that it would be almost impossible for profit-to-member funds to exist.

This would disenfranchise 11 million Australians who choose to have their retirement savings managed by a profit-to-member fund with equal representation – and risk making them poorer in retirement.