TWUSuper acknowledges ‘embedding’ personnel in TWU branches

19 March 2020
| By Mike |
image
image
expand image

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: 

  • Enabling access between TWUSuper and the TWU distribution network of officials and workplace delegates – including enabling linkages between the TWU network and Fund field staff. 
  • Co-ordinating distribution of TWUSuper education materials to TWU Officials and workplace representatives – for example flyers and posters; 
  • Coordinate workplace meetings and training on superannuation, insurance and retirement planning issues; 
  • Assisting employees and employers in the transport industry with queries on general superannuation matters (but not provide advice); 

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. 

 

Read more about:

AUTHOR

Submitted by One rule to ru… on Thu, 03/19/2020 - 13:30

Yet again different rules depending on your relationship to either advice or industry fund

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 16 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 16 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 17 hours ago