FWC super panelists get $922 a day
The three members of the specialist superannuation panel within the Fair Work Commission (FWC) helping determine default funds under modern awards are earning $922 a day and have been clearly identified by the current Government as appointees of former Workplace Relations minister and now Federal Opposition leader, Bill Shorten.
The current employment minister, Eric Abetz, revealed the amount being paid to the three panelists while providing answers to questions on notice in the Senate. He said the three, two of whom have been subject to conflict of interest queries, were selected as the preferred candidates of Shorten.
Abetz said Shorten had written to him as the then Shadow Minister for Employment and Workplace Relations but that he "did not support the candidates ultimately appointed by Mr Shorten".
"Expert Panel members are remunerated at $922 per day once they have undertaken official business for a minimum period of five hours," Senator Abetz said. "Two Expert Panel members are directors of Superannuation Funds. The likelihood for their funds making applications is speculative but there is no prohibition from them doing so."
Senator Abetz said in his answer that he was aware that there were candidates on the shortlist for membership of the special panel who did not hold any current directorships or affiliations.
"The appropriateness of particular appointments which may present conflicts of interest depends on the particular circumstances giving rise to the potential conflict and the capacity of the statutory mechanisms to deal with it," his answer said.
Recommended for you
The super fund has launched Retirement Manager, a digital advice tool helping members plan income, spending, and retirement confidence with integrated support.
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not diminish their obligations, as regulators turned the spotlight on the Shield Master Fund and First Guardian Master Fund during a meeting with fund CEOs.
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
