Industry SuperFunds do not pay commissions to financial advisers, financial planners, sales agents or insurance companies.
Rainmaker, a financial services information company, found that financial planners received $2.4 billion in sales commissions from retail superannuation funds in 2010. This included over $700 million in commissions from super guarantee contributions made by Australian workers. These planners often recommend under-performing retail funds.*
Over a three year period to June 2011, more than $7.1 billion in commissions has been paid by retail super funds to financial planners. Over $1.9 billion has been paid in commissions on compulsory super guarantee contributions.*
*Rainmaker Information Commissions Revenue Report August 2011