Employees should be able to choose their own superannuation fund. Find out why the inability to do so could leave consumers worse off:
Agree, every employee should have the choice of their own super fund…and agreements should only provide a default should one not be selected or choice not accepted.
The REST fund in question is a major contributor to the number of inactive accounts in the system, containing almost 500,000 inactive member accounts.
“The fact that REST is a major contributor is not surprising, given many of its members come from typically young, casual new workforce entrants,” says O’Halloran.
"Many of these people go on to work in other industries later in life, leaving in their wake inactive accounts that are eaten by zombie fees and insurance.
“What is surprising is that REST, Kmart and the SDA appear set on exacerbating this problem. This agreement would deny Kmart employees a choice to bring their existing fund with them when they start working at the retailer.”
It would be interesting to know how much of these contributions have been completely eaten up - perhaps someone could go out to the golf course or sailing club where KMart and REST executives are relaxing together an get the answer? Makes the banks look like amateurs … of course the pollies are playing golf and sailing as well … game over …
For anyone working retail or fast food, the best thing you can do is change to a different union. Because Woolworths encourages all staff to join the SDA by default, the SDA have gotten slack and simply accept bonuses from REST in exchange for the deal.