Jointly created by the super funds who were members of the Australian Institute of Superannuation Trustees (AIST) and Industry Super Australia (ISA), the new body will build on their “impressive legacies”, while also bringing “a new focus for the contemporary Australian economy”.
The foundation funds are eight of Australia’s largest – Australian Retirement Trust, AustralianSuper, Aware Super, Cbus Super, HESTA, Hostplus, Rest Super, and UniSuper – a statement issued on Tuesday confirmed.
“The Super Members Council will advocate for the interests of the more than 10 million Australians who belong to a profit-to-member super fund – to ensure superannuation policy is stable, effective, and equitable,” said interim chair Nicola Roxon.
“The nature of work and the workforce itself are changing, as are patterns and expectations in retirement. As many members’ balances grow, those in lower paid or less secure work risk being left behind.”
Described as an inclusive body, the Super Members Council of Australia brings together funds of all sizes and represents more than 10 million Australians with more than $1.4 trillion in assets. It will be operational from 1 October 2023.
The founding funds have each nominated a director to the governing board, while three further directors will be chosen by the small-to-medium sized profit-to-member funds. An employee and employer representative will also join as non-voting directors.
“The long-term interests of millions of Australians will be well served by a new collective body that can be a strong, thoughtful, and compelling voice about superannuation policy, advocating to all levels of government and industry,” Ms Roxon said.
“Our promise is member-centric advocacy that seeks to work with all political parties to deliver the best possible retirement outcomes for the millions of Australians we represent.”
The Super Members Council of Australia also confirmed that they are currently searching for a chief executive officer.