FSC and ISN Set Aside Rivalry For Super

In a surprising move, two lobbyists and superannuation groups have banded together after Labor’s has promised that it will not meddle or change policies in super taxations for five the next years.

Traditional rivalry has been set aside between the Industry Super Network (ISN) and the Financial Services Council (FSC) as the groups announced their partnership. The ISN represents union non-profit industry funds, while the FSC comprises retail funds including banks.

The groups have called this decision as an “unprecedented move for retail and industry superannuation.” They have recognised that the super system is maturing and the need to approach this in a united voice was more beneficial for everyone.

In a conference held in Brisbane, John Brogden, the chief of the FSC said, “ISN is here at our conference to symbolise a new relationship in superannuation policy in Australia.”

“On the eve of the election we are signalling to Canberra that the ISN and FSC will work together on many key issues impacting super fund members.

“This is the start of a new era”.

Meanwhile, David Whiteley, ISN’s chief remarked that the groups should, “lead the elevation of superannuation out of the political discourse and ensure policymaking is considered, sector-neutral and even-handed.”

Pauline Vamos, the head of the Association of Superannuation Funds of Australia expressed being “heartened” by the move of these groups. Ms. Vamos remarked that with the 5-year moratorium, it’s time to put focus on fixing the policy so that it is much more stable and helpful for those availing of retirement.

“It will also give policy makers time to consider how we can evolve our superannuation system to accommodate the challenges posed by an ageing population.”

“It is time to start a conversation now about how the system can be adjusted to ensure it is sustainable over the long-term and delivers an adequate income for all Australians to live a comfortable retirement.”