AIST, ISA merge to form super council

Yasmine Raso

Senior Journalist

19 September 2023

The eight member super funds of the Australian Institute of Superannuation Trustees (AIST) and Industry Super Australia (ISA) have established a new joint representative body, the Super Members Council of Australia.

Founded by Australian Retirement Trust, AustralianSuper, Aware Super, Cbus Super, HESTA, Hostplus, Rest Super and UniSuper, the Super Members Council of Australia will represent over 10 million Australian members with more than $1.4 trillion in assets from 1 October 2023.

A statement released today said the body seeks to “protect and advance the interests of members throughout their lives” to ensure they receive all retirement benefits and entitlements.

“The Super Members Council will advocate for the interests of the more than 10 million Australians who belong to a profit-to-member super fund – to ensure superannuation policy is stable, effective and equitable,” interim council Chair and current Chair of HESTA, Nicola Roxon, said.

“The nature of work and the workforce itself are changing, as are patterns and expectations in retirement. As many members’ balances grow, those in lower paid or less secure work risk being left behind.

“The long-term interests of millions of Australians will be well served by a new collective body that can be a strong, thoughtful and compelling voice about superannuation policy, advocating to all levels of government and industry.

“Our promise is member-centric advocacy that seeks to work with all political parties to deliver the best possible retirement outcomes for the millions of Australians we represent.”

The eight foundation funds have nominated a director to join the council’s Board, with three further directors to be selected by other member funds. Recruitment for a Chief Executive Officer has also commenced.