AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria. It is an industry super fund, and so operates through a mutual fund structure.
With nearly 300 billion of retirement savings under management and over 3.2 million members, AustralianSuper is the largest superannuation fund in Australia and the eighteenth largest pension fund in the world.
History
AustralianSuper was established on 1 July 2006 through the merger of Australian Retirement Fund (ARF) and Superannuation Trust of Australia (STA). Ian Silk, who was the CEO of ARF, became the CEO of AustralianSuper; while Mark Delaney, who was the CEO of STA, became the Deputy CEO and CIO of AustralianSuper.
In June 2022, Labour Union Co-operative Retirement Fund (LUCRF) Super was merged into AustralianSuper.
Features
AustralianSuper offers a 'Member Direct' option, allowing users greater control in selecting a portfolio of Australian shares, ETF's, term deposits and cash. The member direct option was designed for the purpose of competing with SMSF options.
The fund has a MySuper authority.
AustralianSuper's asset portfolio is invested globally, and includes shares, transport infrastructure, office blocks, and shopping centres. The fund owns two-thirds of London's Kings Cross Central development.
The fund's trustee is owned jointly by the Australian Council of Trade Unions, and employer peak body Australian Industry Group.
Controversies
In 2021, the fund was criticised by the AFR for forcing subscriptions to The New Daily onto its members, unless opted out within one-month. The paper was designed and funded by the Industry Super Holdings.
In 2022, the company launched a new digital platform including a new online portal and mobile phone applications. The updates were met with severe criticism as members were unable to access their accounts and were unable to get any answers from the customer support portals.