Interesting information from CBUS my former industry fund and the renumerations dished out. If you wanted any further proof of the bottom feeders in Industry Super look at Table 2 Cbus remuneration: 2011/2012 annual report Set out below is the remuneration data extracted from the 2011/2012 Cbus annual report. Cbus looks after nearly $19 billion of retirement savings for just under 700,000 Australians. Similar information from some other major super funds will also be published when it becomes available. Cbus has committed $40 million on an administration platform upgrade, as part owner of administration service provider, SuperPartners. Cbus also spent $1.4 million of members' funds on sponsorship deals, primarily in partnership with related unions and other employee associations. Table 1: Cbus top executives total remuneration packages Executive Position Total remuneration packages David Atkin Chief Executive Officer (CEO) $500,000 Chris Altis Executive Manager, Marketing and Communications $219,450 Maria Butera Executive Manager, Workplace Distribution $242,650 Trish Donohue Executive Manager, Investments $379,800 Sean Leonard Executive Manager, Product Strategy and Strategic IT $258,159 Johanna Neilsen Executive Manager, People & Culture $168,000 Stephen Spiller Executive Manager, Organisational Strategy and Service Delivery $232,100 Angela Thurstans* Executive Manager, Governance and Risk $213,000 Keith Wells-Janz Executive Manager, Finance $273,337 *A. Thurstans is paid 0.8 FTE of the full-time package indicated. Table 2: Cbus trustee board and board committee fees Trustee Director Sponsoring organisation Fees* paid to Total fees paid Steve Bracks ACTU Director $105,907 John Dawkins Independent Appointed May 2012 Nil W Harnisch Master Builders Association (MBA) MBA $78,198 J Haskins MBA Director $44,661 P Kennedy MBA Director $82,553 G Thompson AMWU AMWU $55,199 S Benyon MBA Director $38,381 G Kearney ACTU ACTU $23,852 R Mallia CFMEU CFMEU $31,997 A McDonald MBA Director $40,407 C Melham AWU Director $48,816 J Murray MBA Director $46,891 D Noonan CFMEU CFMEU $46,790 F O'Grady CFMEU CFMEU $32,099 P Smith MBA Director $48,918 P Tighe MBA CEPU $38,381 Alternate Director T Ayres AMWU AMWU $4,255 *Fees paid personally to directors, or to the MBA, or to various unions (in relation to 7 of the directors). source. http://www.superguide.com.au/compar...YWQwZTI3ZGQifQ==|cm9iX2JveWxlQHNzZncuY29tLmF1
I once bounced an idea around at lunch time with some stackers here before. If we get 10,000 stackers to pool their super together, and assuming each can contribute $100,000 into the initial pot, we'll have an instant $1billion to play with. Take this and buy some really nice centre of the CBD office block and if fully rented, would be instant income generating straight off the bat. Obviously to manage this Trust and to have it fully run at minimized costs, the stackers themselves must be experienced and work on a low salary/volunteer basis. (Fine details weren't talked about, but overall scheme is, if we own this (or part of it), we would surely look after it for sure). I know it's a simplified view, but with an individual small SMSF, you can't do much, but with $1b, we would certainly have some clout. If the investment is kept simple (it's an office building!), there technically would not need to be so many "mouths" to feed. Probably run the whole thing using a spreadsheet! Just a thought I had
It would be interesting to see how many of the names in table 1 have their own super with CBUS and how many have an SMSF....
Hang on, that money is not all being given to the unions. It is being given to people who do board work who are also from the positions of power in the unions. Why would they not have union officials on the board when it is the members they represent who are mostly putting in the money. It also gives them reason to spriuk to the members that it is a good place for their money. It is not too disimilar to many others that are not union affiliated. WHAT IT DOES SHOW is that the officials of the unions are not too far away from the heads of finance that they are happy to throw rocks at. I have long said that there is a great divide between the average normal worker who is a union member and the officials in the cbd offices. The sad reality is the average guy IS the union and can punt the officials but they dont, they do what they tell them. The comment above, about where the officials money is, now THAT would be an interesting discovery.
$19billion in funds over 700,000 members gives an average super amount of just over $27,000 per member. That's nothing, really. Do you reckon they see a good return on their $27K account after the People and Culture executive and all her staff are paid?
I'm sure if every union member understood why their super balances are going down....their eyes would light up. Problem is if you work where an enterprise agreement is in place you cannot avoid the fee's and charges because you are compelled to remain in the industry fund, you cannot have your super paid directly into your SMSF. Kind Regards non recourse
I have seen differently with workers being able to choose their own funds under EBAs and I also remember the government advertising changes in super(years back) where workers have choice and can't be forced into funds...
If your in an EBA oh ya....you have choice you can be in union fund A or union fund B..... :lol: I am not making this up. The unions have a sweet heart deal that locks their members in. That choice legislation did not include EBA's. How do I know because my wife works occassionaly as a temp and there is an enterprise bargining agreement. I also have a son whose work place offers a retail fund. He was able to join our SMSF. They tried hard to disuade him. When he brought home all the glossy print. I highlighted the fine print and sent him back with a request to please explain. Kind Regards non recourse Kind Regards non recourse
So your wife doe not have a choice in her temp work? :/ lets not to confuse coercion with being legally obliged.. Or is she in a government unfunded super ponzi scheme? I've worked under two EBAs and haven't had a problem with my smsf or been coerced into a specific fund. Don't get me wrong the people doing this are scumbags but its not all unions...
