The superannuation system that Australians take for granted today is largely thanks to the foresight and commitment of the maritime unions and employers who established a pension for maritime workers over 50 years ago. Before superannuation, maritime workers would retire with nothing more than their final pay cheque. After years at sea or on the wharves, the end of their working life signalled a new phase of uncertainty for these veteran workers, sailing into their golden years not knowing how they would support themselves and their families. And that’s where Maritime Super comes in …
Stevedoring members received a pension partly funded by employers and workers that saw employers contribute 1½ times the employee’s contribution rate, plus 100% for years of service back to 1942.
SERF was Australia’s first employer-sponsored industry fund – 25 years before compulsory superannuation came into being.
Seafaring members received a pension funded by employers and workers under a 2 for 1 arrangement, with an initial fund service benefit of $6.00 a week.
In its first superannuation survey, the ABS reported that:
The Government and the ACTU endorsed a universal 3% employer superannuation contribution in the Prices and Incomes Accord Mk II.
Maritime industry members received an additional 3% super.
64% of employed Australians had super.
Super assets estimated to be $123 billion.
SG legislation is passed and superannuation becomes compulsory for all Australians – 25 years after the establishment of our industry Fund!
By 2000, both SERF and SRF were going from strength to strength:
Industry Super Australia (ISA) was established to look after the collective interests of industry fund members – with a common goal of providing the best possible retirement outcome for members.
The merger of SERF and SRF resulted in the formation of the largest industry super fund for maritime workers.
100% of employed Australians have super.
Super assets estimated to be $2.2 trillion – making Australia the third-largest holder of pension fund assets in the world.
30,000 members, $5 billion in assets under management and growing!
Welcome to the 2016/17 Maritime Super Annual Report.
This financial year, we’ve been busy once again developing new online tools in addition to all the resources and services already available to members, to help them make the most of their super. In July, we launched two revamped websites – the public site and the secure Member Online site, where you can access and/or change your personal information. These sites are designed to be more intuitive and personalised. We’ve also started working on an App – watch this space!
Our digital strategy is in full swing and supporting members with personalised video and interactive statements, calculators to explore future benefits, suite of short sharp videos, eNewsletters and social media channels. Our digital solutions are all about helping members make the most of their super, and providing the appropriate support and guidance along the way.
Investments play a key role in the savings journey, we know that, and that’s why our objective is to deliver solid long-term investment performance with a bias to capital preservation. Investment markets were strong throughout the financial year, hitting double-digit returns for most asset classes. Australia’s economy expanded reasonably over the year. Global markets were steady as the US economy remained resilient despite reduced intervention from the Federal Reserve and in Europe, economic recovery continued to be supported by the European Central Bank’s Quantitative Easing program.
Maritime Super’s investment options delivered positive returns for members for the 2016/17 financial year, and saw the Growth option return 12.34% and the Balanced option 10.44%.
2017 marks a very special milestone for the Fund – it’s our 50th anniversary! As early as 1954, unions sought to establish a pension scheme for members, but it wasn’t until 1967 that maritime unions and industry employers collaboratively. Read more …
“Over the years, we’ve seen generations of members retire with financial security and dignity thanks to the foresight of maritime unions and employers 50 years ago.”
IN FUNDS UNDER MANAGEMENT
MEMBERS FOR 10+ YEARS
Maritime Super is the largest industry fund dedicated to the maritime industry. With 30,000 members and $5 billion in assets, we’re committed to building lifelong relationships with members throughout their working lives and into retirement. Read more…
We’re here to help you along your super journey. There are a number of ways you can connect with us to stay up to date with the latest developments in the Fund, to learn more about your super and your benefits, or to simply ask us a question! Read more…
The Trustee is responsible for the overall operation of the Fund and ensuring that it operates within the rules of the Trust Deed and relevant Government legislation. The Trustee is committed to making decisions that are in the best interests of members. Read more…
Maritime Super is required to pay unclaimed super benefits to the ATO. We will classify your benefits as unclaimed monies if:
The surcharge was an additional income-tested tax which applied between 20 August 1996 and 30 June 2005. In some instances, the ATO may request payment of an outstanding surcharge amount. Read more…
If you have an enquiry about your super or pension, please call Member Services. The Member Services team at Maritime Financial Services Pty Limited are available to provide members with general advice at any time between 8.30am and 5.30pm (AEST) Monday to Friday on 1800 757 607 Read more…
To help members assess risk, standard risk measures have been introduced for the investment options. The Standard Risk Measure (SRM) is a simplified risk measurement tool that helps members compare the risk of negative returns for investment options, both within the Fund and between funds. Read more…
Maritime Super can provide you with any information you reasonably require to understand the financial condition or management of the Fund.
You can access any of the following documents on our website at www.maritimesuper.com.au or request a copy by calling Member Services on 1800 757 607 Read more…
If you’ve changed address or are about to, don’t forget to let us know. It’s as easy as making a call to Member Services on 1800 757 607. By doing so, you’ll be sure to receive your Annual Statement and other important information from the Fund. Read more…