LAUNCH: Anti-competitive Superannuation Requirements in Fair Work Act

Dictated industry superannuation funds
Launch of report on new anti-competitive superannuation requirements in Fair Work Act

11 am, Tuesday, 13 August 2013, Waratah Room, Parliament House, Macquarie St, Sydney

Speakers: 

–       Barry Rafe, author of the report “2012 Fair Work Act Amendments on Default Superannuation”

–       Richard Gilbert, CEO Investment and Financial Services Association (2002-2009)

–       Introduction by Alan Anderson, of the HR Nicholls Society board, on behalf of Adam Bisits, president.

Following changes to the Fair Work Act in December 2012 and June this year requiring awards to list default superannuation funds, after a two stage vetting by the Fair Work Commission, the HR Nicholls Society commissioned the superannuation expert and actuary Barry Rafe to review the changes.

The report finds that the changes entrench the industry funds (controlled jointly by unions and employer associations) and duplicate APRA’s oversight.  The new requirements are biased against new entrants, including retails funds, and against innovation.  The changes are anti-competitive and will create cost.

The report will be of interest to superannuation contributors, employers responsible for super and retail funds.

Further information:

Adam Bisits, 0438 405 527

EVENT: Sydney Launch of Superannuation Paper

The HR Nicholls Society is pleased to announce the launch of a new paper by Barry Rafe on our superannuation system.

Attendees at our 2013 conference would recall the paper by Paul Fletcher MP on how superannuation as presently structured advances the union agenda, and this paper makes a vital contribution to the debate.

The report shall provide an overview of the system for selecting and specifying default funds in awards and enterprise agreements,  provide an overview of the changes made by the 2012 Fair Work Act amendments as they relate to default superannuation, and comment on how those changes will likely be applied by the Fair Work Commission.

Details for the launch are as follows:

TIME: 11:00am
DATE: Tuesday 13 August
PLACE: Waratah Room, Parliament of NSW, Macquarie St, Sydney
SPEAKERS: Barry Rafe & Richard Gilbert (former head of the Financial Services Council)
COST: Free
RSVP: tandrews@taxpayers.org.au

We hope you will be able to join us!

Superannuation’s Role In Advancing the Union Agenda

The following is a presentation given by Paul Fletcher MP, Member for Bradfield, at the 2013 HR Nicholls Society Annual Conference:

Superannuation’s Role in Advancing the Power and
Economic Influence of the Union Movement”

Speech to HR Nicholls Society

Introduction

It is a great pleasure to be here today to speak to this important conference of the HR Nicholls Society.

I want to speak today about the role of superannuation in advancing the power and economic influence of the union movement.

In the early nineties, when ACTU secretary Bill Kelty was agitating for the Hawke Keating government to legislate 6 per cent superannuation, and to double it again by the end of the decade, many were asking what he was doing about declining union membership.[1]

Since that time the share of the workforce who are union members has continued to fall: it now stands at a mere 18 per cent, and only 13 per cent amongst private sector employees.[2]

Yet through the sharp growth in the size and economic importance of two kinds of union-linked superannuation funds – industry funds and public sector funds – the union movement has gained a new source of power and influence.

Thanks to decisions of the Hawke Keating Government – reinforced by more recent policies of the Rudd Gillard Rudd Government – the structure and governance of today’s superannuation system suits the interests of the union movement, and union officials, very nicely indeed.  Read more