The peak representative body for the profit-to-member superannuation sector, the Australian Institute of Superannuation Trustees (AIST) said today it anticipated working closely with the newly-formed Choice body, Super Consumers Australia, to ensure consumer interests were protected in superannuation.
AIST CEO Eva Scheerlinck said AIST had a long history of successfully advocating on behalf of members’ best interests, including advocating for much-needed financial advice reforms, an enhanced default system, improved consumer disclosure, and a better deal from our super system for women and low-income earners. AIST has also been vocal in calling for greater regulatory focus on underperformance across the super sector and for the advent of a tool to help members compare funds.
“We look forward to working with Super Consumers Australia because our focus has always been to deliver the best outcomes for superannuation members,” Ms Scheerlinck said. “Profit-to-member funds are structured in a way that puts members’ interests front and centre. Unlike bank-owned super funds and other for-profit providers, profit-to-member super funds do not return profits to commercial shareholders and have a non-conflicted governance structure – both key reasons why the profit-to-member sector has delivered outstanding returns for members for more than two decades.”
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