Unions NSW: The banks are coming after your super

Beware. The banks are coming after your super. Contact the cross-bench Senators before it’s too late.

Our not-for-profit system of industry superannuation has seen workers retire on significantly larger nest eggs than those who used superannuation schemes run by the banks.

But legislation is currently before Federal parliament that would fundamentally change the nature of our not-for-profit system of industry superannuation. That means more workers’ super contributions would be handed over to the banks. Which in turn, would mean $267,000 less at retirement for a 25 year old earning $50,000 in 2010. Taken as an income stream, it would be thousands of dollars less every year. That would make a huge difference in retirement. Contact the cross-bench Senators and tell them to vote to stop this.

The union movement built our not-for-profit industry superannuation scheme. Now it is worth $1 trillion per year the banking sector want to get their fingers on it. That means more workers’ money diverted to corporate profits.

Contact the cross-bench Senators now to defend our superannuation system.

In union,
Emma Maiden
Assistant Secretary
Unions NSW