CEO Update – May 2024

There has been a lot of debate recently about the purpose of super and the role industry super funds play in our society and economy. Everything from super funds’ role in the housing market to our position as investors has been discussed in the media.

A lot of these conversations seem to represent a significant shift away from why industry funds were created.

In 1974 when the Pulp and Paper Workers’ Superannuation Fund was founded (which is one of the three funds that became First Super in 2008), only one in three Australian workers were covered by super. Eleven years later in 1985, the push for super for all commenced in earnest, which has resulted in today’s super system.

Occupational super (known today as the Superannuation Guarantee) was the result of an agreement between government, employer associations and unions to deliver a pillar of our retirement income system.

The three predecessor funds which became First Super were created to ensure that all workers got super. Their super funds were charged with the responsibility of making sure that they did everything to maximise members’ retirement savings.

So back to the dream – our dream remains the same today as it did in 1974 – to provide our members with a dignified retirement. We are a super fund that focuses on its members and remembers why we are where we are today.