Can unions be trusted to help run giant super funds

[nero_bolt]

Can unions be trusted to help run giant super funds.... NO hey cant

The power unions have over super funds is not healthy:

The Australian Privacy Commissioner is investigating superannuation giant Cbus over another leak of personal details to the construction union.

Privacy commissioner Timothy Pilgrim began an investigation this year into claims Cbus employee co-ordinator Steve Gaske leaked information about more than 300 employees of a company subject to a construction union industrial campaign.

Mr Gaske is honourary president of the Queensland branch of the Construction, Forestry, Mining and Energy Union. Cbus files reveal an internal inquiry by the fund found Mr Gaske inappropriately sent personal details of the workers to a third party “without consent” and underwent “remedial training” as a result.

On Monday, Fairfax Media reported that NSW CFMEU state secretary Brian Parker allegedly conspired with a Cbus employee to get personal details of 400 workers, including their addresses and financial details, to help an industrial campaign…

News of a second privacy breach involving the CFMEU will further pressure the Cbus board, which includes Australian Council of Trade Unions president Ged Kearney, CFMEU national secretary Dave Noonan, NSW CFMEU president Rita Mallia and is chaired by former Victorian premier Steve Bracks. There is no suggestion the Cbus board knew of the leaking of the members’ details.

http://www.smh.com.au/national/privacy-commissioner-investigates-superannuation-company-cbus-2014051...

Privacy commissioner investigates superannuation company CBUS

The Australian Privacy Commissioner is in investigating superannuation giant CBUS for a second alleged large-scale leak of workers'  personal details.

Fairfax Media can reveal that privacy commissioner Timothy Pilgrim launched an investigation earlier this year into allegations that a CBUS senior employee, Steve Gaske, leaked personal information about more than 300 employees of a company subject to a construction union industrial campaign. Mr Gaske is also honourary president of the Queensland Construction Forestry Mining and nergy Union.

CBUS files reveal that an internal inquiry by the superannuation fund has already found Mr Gaske inappropriately sent personal details of more than 300 workers to a third party "without consent" and has been the subject of "remedial training."

The revelations come after Fairfax Media reported on Monday that the NSW CFMEU secretary Brian Parker had allegedly conspired with a CBUS employee in Melbourne to leak to him the personal details of 400 mostly non-union workers, including their home addresses and private financial details.

The workers were employed by a company, Lis-Con, and Mr Parker allegedly wanted to use the information to help an industrial campaign against the company

Read more: http://www.smh.com.au/national/privacy-commissioner-investigates-superannuation-company-cbus-2014051...

[izabsmiling]

Should  Mrs Joe Hockey / Melissa Babbage be trusted to be unbias while she is on the board of QSuper....all things considered 

[cherry*135]

Most likely.

Mr Hockey updated his pecuniary interest register on July 4 to include his wife's latest appointment.

QSuper is subject to commonwealth government regulation and as an employer-sponsored fund, an equal number of member representatives nominated by trade unions and employer representatives, mostly chosen by the government, serve on the board.

Board members are paid “in accordance with rates approved by the Treasurer, as Minister, in consultation with the board”. That current rate is $45,402 plus 9.25 per cent superannuation.

Ms Babbage is not the first Liberal Party affiliate appointed to a board or corporation position by the state government.

Read more: http://www.brisbanetimes.com.au/queensland/joe-hockeys-wife-appointed-to-qsuper-board-20130812-2rsdy...

[izabsmiling]

I said ALL things considered....there is a lot to consider.

[spotweldersfriend]

Are your personal details safe with a Newscorp in operation?

[lakeland27]

does the OP know anything ?

Before 1992, reasonably widespread superannuation arrangements had been in place for many years under industrial awards negotiated by the union movement between wage increases. In 1992, the Keating Labor government introduced a compulsory "Superannuation Guarantee" system as part of a major reform package addressing Australia's retirement income policies. It was calculated that Australia, along with many other Wes

• A safety net consisting of a means-tested Government age pension system
• Private savings generated through compulsory contributions to superannuation
• Voluntary savings through superannuation and other investments

who else is going to run superfunds but the people who came up with superfunds ? would any sensible person allow the real fat cats to take control ?  no idea.

[lakeland27]

The Howard government was criticised by former Prime Minister Paul Keating for its reluctance to increase the compulsory rate of superannuation. Keating argued that had the compulsory rate been 15% since 1996, rather than the then 9%, total superannuation assets in Australia would be approaching $2 trillion - almost double the current level.[4]

[freakiness]

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@lakeland27 wrote:

The Howard government was criticised by former Prime Minister Paul Keating for its reluctance to increase the compulsory rate of superannuation. Keating argued that had the compulsory rate been 15% since 1996, rather than the then 9%, total superannuation assets in Australia would be approaching $2 trillion - almost double the current level.[4]

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Remember Abbott attacking the previous govt for the incremental increase in super contribution from 9% to 12%.

[spotweldersfriend]

Should have elected Keating instead of weaselbrow.Everyone's retirement fund would be so much larger,saving future governments billions in pension top ups.

[lakeland27]

that's right. they opposed it at the time and then in office complain how large the welfare bill will be. umm derrr tone it's you and howard who lacked the foresight to fix the problem in the first instance(s)  Would you let a somewhat deficient liberal run a superfund ?