TWUSuper has confirmed to a key Parliamentary Committee that it has embedded staff at the branch offices of the Transport Workers Union (TWU).
Answering questions on notice from the Senate Economics Legislation Committee, TWU Super acknowledged that it had appointed a Superannuation Services Officer (SSO) to each branch of the TWU “to act as an operational conduit between the branch and TWUSuper”.
It said that this arrangement was subject to a set of conditions including but not limited to:
The TWUSuper answer said that the TWU and its representatives did not need Australian Financial Services licenses to provide the service they were engaged to provide under the arrangement and that the products were issued by TWUSuper, not the TWU.
“…and TWU representatives are not engaged to provide financial product services on behalf of the Trustee,” it said.
As market volatility persists, some super funds are pivoting defensively, while others are strategically positioning to capitalise on emerging opportunities.
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UniSuper has reached “peak investment” in US assets and is now preparing to reassess its exposures amid ongoing sharemarket volatility.
Investors have slashed their US equity allocations to the lowest level on record, according to new data from Bank of America.
Yet again different rules depending on your relationship to either advice or industry fund