03 Jul 2017by admin
Message from the chair
Having a birthday is usually fun – and a 30th birthday has the pleasant combination of youthful exuberance and growing maturity.
Thirty years ago, Media Super took its first steps towards establishing industry superannuation funds to manage and invest the retirement savings of printers, journalists, actors and musicians.
The funds were called Print Super, JUST Super and JEST Super (they were rather more whimsical days) which over time merged into the one fund known as Media Super.
In the early days, it was tough going, as there was considerable conservative opposition to setting up such funds for ordinary working people in the private sector. Superannuation was not all that common – in many areas, it was seen as a perk for the privileged few, and where it existed, the rules were often loaded against working people taking it up.
We were very active in making sure that the funds were ‘all profit to members’, to make sure that all the money – member contributions as well as investment earnings, less the amount it cost to administer the fund – went back into the account of each member.
It’s something we’ve proudly maintained as the very core of Media Super – we’re an industry fund aiming to ensure all profits go to our members, and not to other stakeholders, like shareholders of banks or other financial institutions.
We accept the simple arithmetic of this as an article of faith. The more money you can have working for you in your account over a long period, the greater the compounding effect and the greater the end benefit.
And your Media Super executives and the fund’s governing body, the Media Super Board, are well grounded in the very industries in which you work.
Overwhelmingly, Media Super Board members are drawn from employers and unions which represent the interests of employees and contractors in the printing, media and entertainment sectors. It’s called equal representation and we think it works very effectively to protect your interests.
So how have we fared over the years?
Since we were first formed in the 1980s, the fund has returned an average annual return to members of 8.39%* for our Balanced (MySuper) investment option to 30 June 2017 (after taxes and fees).
So that’s really the nicest thing about our 30th birthday – being able to offer our members such a significant present.
* Investment returns are not guaranteed. Past performance gives no indication of future performance.