What is an Industry Fund?

The IFF Rules define an Industry Fund as one that:

  • Is a complying super fund as defined in s42 of the Superannuation Industry (Supervision) Act 1993 (Cth);
  • Has 20 or more participating employers;
  • Has equal numbers of employer and member representatives on its Board of Directors; and
  • Is ‘run only to profit members’ (i.e. all profits remain in Industry Funds and are applied for the benefit of members).

These funds include multi-industry and industry specialist national and state funds.

The first IFF Member was established in 1978.  Since then, industry superannuation funds have built a strong reputation based on good, long-term investment performance, low fees and innovative member-focused benefits like value for money Death, Total and Permanent Disablement and Income Protection insurance and access to low-cost home loans and banking products including credit cards and personal loans.

At the 30 June 2015, IFF members collectively represent over 8.8 million member accounts, 650,000 participating employers and manage over $290 billion in retirement savings (Source: APRA). Over half the Australian workforce belongs to an industry fund.