POWERED BY MOMENTUM MEDIA
TWUSuper acknowledges ‘embedding’ personnel in TWU branches
TWUSuper has confirmed to a key Parliamentary Committee that it has embedded staff at the branch offices of the Transport Workers Union (TWU).
Answering questions on notice from the Senate Economics Legislation Committee, TWU Super acknowledged that it had appointed a Superannuation Services Officer (SSO) to each branch of the TWU “to act as an operational conduit between the branch and TWUSuper”.
It said that this arrangement was subject to a set of conditions including but not limited to:
- Enabling access between TWUSuper and the TWU distribution network of officials and workplace delegates – including enabling linkages between the TWU network and Fund field staff.
- Co-ordinating distribution of TWUSuper education materials to TWU Officials and workplace representatives – for example flyers and posters;
- Coordinate workplace meetings and training on superannuation, insurance and retirement planning issues;
- Assisting employees and employers in the transport industry with queries on general superannuation matters (but not provide advice);
The TWUSuper answer said that the TWU and its representatives did not need Australian Financial Services licenses to provide the service they were engaged to provide under the arrangement and that the products were issued by TWUSuper, not the TWU.
“…and TWU representatives are not engaged to provide financial product services on behalf of the Trustee,” it said.
Recommended for you
Equity markets have surged ahead of fundamentals as institutional investors fall behind, according to Ten Cap Alpha Plus.
Local investors are leading the region in plans to boost private market exposure, as demand grows for innovative fund structures, resilient investments, and a more selective approach to alternatives.
Research shows institutional investors are increasingly turning to private credit, but the APAC region’s relatively small market size remains a key constraint.
The global financial platform has completed a Series F funding round, with superannuation funds participating in the round.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
Yet again different rules depending on your relationship to either advice or industry fund