MTAA Super was established in 1989, four years after the National Wage Case when the ACTU secured a 3% employer superannuation contribution to be paid into an industry fund. Before the National Wage Case and the establishment of Industry Super Funds in the late 80s the only people to have super in Australia were predominantly white collar workers.
Fast forward 25 years and most people retiring today have accumulated savings for the majority of their working lives. This is an extraordinary and transformational achievement, and being one of the first Industry Super Funds to be established, MTAA Super is part of that story.
In fact, MTAA Super is proud to boast a number of firsts. It was among the first funds to give members investment choice, and one of the first industry funds to adopt a board structure of three employer, three member, and three independent directors, and in doing so rising to industry best practice and greatly strengthening governance and accountability.
The numerous reforms put in place by the Fund in the last few years have started to yield results; results that are winning industry recognition.
MTAA Super has been recognised by its peers with three prestigious awards in the past year:
There is no doubt the Fund has had its ups and downs, particularly in the last five years, but MTAA Super celebrates 25 years in a very good position with almost 260,000 members and more than $8 billion in funds under management.
According to MTAA Super CEO, Ms Turner, “one of the great things about super is that people’s savings are invested long term by super funds in job-creating infrastructure and property. These are assets that generate economic growth for Australia and jobs for Australians. Investment in infrastructure is critical and MTAA Super has been an industry leader in this with its holdings in assets such as the RG Casey Building and 121 Marcus Clarke Street, and Sydney and Brisbane Airports”.
The Fund is particularly proud of its close relationship with and support for the automotive industry. It grew out of this industry and retains a very close partnership with it to this day.
In the 2013/14 financial year MTAA Super launched its Pathways program, a unique program designed to celebrate and educate the broader public about the many and varied career paths available in the automotive industry.
Initiatives like sponsorship of the V8 Supercar series and the Apprentice of the Year Awards are aimed at encouraging young people to understand the vast array of opportunities that exist in the automotive industry. MTAA Super’s flagship ‘readthesigns’ program with Lifeline Australia is aimed at reducing the impact of mental illness and suicide within the industry.
“It is critical that we strongly support and promote our industry as it undergoes major changes, both the difficult changes that have come with the winding down of car manufacturing in Australia, as well as the positive opportunities that exist in an industry that is being transformed by technology and innovation,” said Ms Turner.his year MTAA Super reaches a significant milestone – the celebration of its 25th anniversary.