The Community and Public Sector Union (CPSU) has succeeded in ensuring that public servants employed by the Department of Family and Community Services continue to receive a 15.4 per cent employer superannuation contribution no matter which fund they decide to join.
The union said it had extracted agreement from the department that “no matter what fund new employees choose they will still receive a 15.4 per cent superannuation contribution.”
It claimed that the outcome, combined with pay rises totalling 12 per cent over three years reflected the benefits of public servants maintaining union membership.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.