NEWS IN BRIEF
Edith
Cavell
AUSTRALIA
70 per cent of Australians support not-for-profit super
TrusT BequesTs
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Most Australians don’t trust the big banks when it comes to superannuation and over two-thirds want the system to run on a not-for-profit basis with all returns to members according to a recent poll. he Edith Cavell Trust is now able to receive nontax deductable donations/ bequests.
The Trust – named in honour of edith Cavell – assists in the advancement of NsW nurses and midwives through further studies and research, made available through scholarship. The knowledge and expertise gained by nurses and midwives, supported by the edith Cavell scholarships, is an asset to the care of their patients and clients. Bequests to the Trust would continue to support this important work. edith, a British nurse serving in Belgium in WWI, is a hero to most nurses and midwives. she helped some 200 Allied soldiers escape from German-occupied Belgium. Her actions saw her arrested, accused of treason, found guilty by a court-martial, and sentenced to death. Despite international pressure for mercy, she was shot by a German firing squad.
The Essential poll of 1000 people, commissioned by Industry Super Australia (ISA), found that only 31 per cent trust that banks will ensure the superannuation system works in the best interest of retirees. In contrast 69 per cent trusted industry super funds. 70 per cent believed all super funds should be not-forprofit with all returns to members rather than split with shareholders. Only 6 per cent disagreed. “Australians have told us what they think – they don’t trust the banks and believe their culture and profit motive are at odds with the purpose of super,” said ISA chief executive David Whiteley. The poll backs up this sentiment: 58% of respondents believed the banks would use the compulsory nature of super to exploit fund members. Two-thirds of Australians agreed that the banks are already too powerful and giving them more of the superannuation market would make the situation worse. Instead, 57% want a small number of high- quality super funds run by trusted providers rather than a large menu of bank offerings. The poll came on the eve of a powerful advertising campaign by industry super funds to “keep the bank foxes out of the super henhouse”.
NAme
The ad shows the hand of a federal politician opening a hen house to waiting foxes. The tagline is “Banks aren’t super”.
ADDress
PHoNe emAIl BequesT/ DoNATIoN AmouNT
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Preferred method of payment ElEctronic Fund transFEr account namE: New south Wales Nurses and midwives’ Association Bank: Commonwealth Bank BsB: 062-017 account no: 10017908 crEdit card I authorise the NSWNMA to debit my credit card for the amount of mastercard
Visa
CArD No NAme oN CArD sIGNATure of CArDHolDer
32 | THE LAMP MAY 2017
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exPIry DATe
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‘ Two thirds of Australians agreed that the banks are already too powerful and giving them more of the superannuation market would make the situation worse.’