I think the statement that Industry funds are owned and micromanaged by Greg Combet is something of a misrepresentation. Industry funds repeatedly and consistently outperform commercial funds. They are not run for profit. At the recent Royal Commission set up by the Government to discredit and damage Industry Super Funds, the majority of the damming evidence was directed at the commercial for profit funds. That is not to say that Industry funds are without blame as seen by the recent court ruling against Aware Super. For people who are unable of who do not want to manage their own super, an industry fund is far better than most commercial funds. However, it is important that they know what they are paying and what they are getting for those fees.
Perhaps a credible link to the claim that they are all owned by a parent company and they pay fees to that parent company? I am aware that some directors of Industry Funds are union members and some of the Directors fees go to the union.
As a disclaimer, I have most of my super in a SMSF and a proportion in an Industry fund. The fees are around $2,000pa and for this I get the higher diversity and good advice that takes into account my own fund and funds outside super. I get around an 8% return pa from the Industry fund and around 10% from my own fund which is relatively balanced as I am in pension phase.
