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Fund Governance
Club Super is an Industry Superannuation Fund, which means that the Fund has low fees, pays no commissions and is run only to profit members.
Club Super (ABN: 12 737 334 298) is governed by a Trustee company, Club Plus Qld. Pty Ltd (ABN: 30 010 892 396, Corporate Authorised Representative No: 268814 under Australian Financial Services Licence No. 238507). The Directors who sit on this company and who oversee the operations of the Fund are referred to as the Board of Trustees. The Board, in running the operations of Club Super, make all decisions in the best interests of members
The rules of Club Super are set out in the Trust Deed, which addresses:
- who can join and contribute to the Fund;
- the payment of benefits, including insurance (if any);
- the structure and composition of the Trustee Board;
- the investment of Fund assets;
- how member enquiries and complaints will be dealt with;
- admission and termination of employers;
- payment of tax liabilities
- Members are able to view a copy of the Trust Deed, upon request.
Board of Trustees
The Board of Trustees of Club Super currently constitutes 6 Directors, with:
- two Directors nominated and elected by United Voice,
- one Director nominated by the Australian Workers Union;
- one Director nominated by Clubs Queensland;
- one Director nominated by Golf Queensland; and
- one Director nominated by Bowls Queensland
In this way, the Board of Trustees satisfies 'equal representation' requirements, ensuring that the key stakeholders in the Fund, being employees and employers, have an equal say in decision making.
The Directors on the Board of Trustees are currently as follows:
| Member Representatives | |
|---|---|
| Neville Swan (Chairperson) | (appointed June 2009) |
| Jeanette Temperley | (appointed February 2011) |
| Barry Meiklejohn | (appointed March 2002) |
| Employer Representatives | |
|---|---|
| Eric Porter (Secretary) | (appointed August 2009) |
| Keith Fullerton | (appointed January 2010) |
| Peter Castrisos | (appointed March 2010) |
The Board of Trustees meet at least 4 times per year to consider the key issues affecting the Fund.
Committees
The Board of Trustees has constituted 5 sub-Committees to assist it in its oversight and management of Club Super. Each Committee has a Charter setting out its functions and responsibilities, as well as its accountability to the Trustee Board. The details of these Committees, and their composition, are set out below.
Investment Committee
Composition: Messrs Castrisos and Swan sit on this Committee, which is chaired by Mr Castrisos. The Committee meets at least 4 times a year.
Responsibility: This Committee is responsible for reviewing the investment performance of Club Super as a whole, as well as the performance of individual fund managers. The Committee meets and reviews individual fund managers from time to time. It also considers advice from its appointed external investment adviser in making recommendations to the Trustee Board as to which investments to acquire or redeem, selection of fund managers, investment of cashflow and in the setting of crediting rates for each investment option.
Audit Committee
Composition: Messrs Meiklejohn and Porter sit on this Committee, along with Ms Leonie Taylor, an independent member of the Committee, who provides additional accounting and audit expertise. Mr Meiklejohn chairs this Committee. The Committee meets at least 4 times a year.
Responsibility: This Committee is responsible for overseeing Club Super's compliance with its legislative and compliance obligations, as well as the preparation and audit of the Fund's annual financial statements. The Committee has ongoing liaison with the Approved Auditor and also considers reports from its external compliance consultant as well as the Fund's internal auditor.
Claims Committee
Composition: Messrs Porter and Swan sit on this Committee, chaired by Mr Swan. The Committee meets as required.
Responsibility: This Committee is responsible for considering how to distribute death benefits amongst beneficiaries, as well as considering the appropriateness of Total and Permanent Disablement and Income Protection claims that are declined by the respective insurer. If the Committee disagrees with an insurer's decision to decline a claim, representations are made to the insurer requesting reconsideration of the case.
Marketing Committee
Composition: Ms Temperley and Mr Fullerton sit on this Committee, chaired by Mr Fullerton. The Committee meets at least 4 times a year.
Responsibility: This Committee is responsible for considering the marketing of Club Super to existing and prospective members. It reviews all disclosure material, as well as the Fund website, promotional campaigns, and sponsorship proposals.
Strategic Review Committee
Composition: Messrs Swan and Porter sit on this Committee, which is chaired by Mr Swan. The Committee meets at least once a year.
Responsibility: This Committee is responsible for reviewing the strategic direction of the Fund, including consideration of enhancements to the benefit design (ie. improved insurance or member investment choice offering for members).
Training of Directors
Due to the complexity of the legislation governing the superannuation industry, the Directors undertake an ongoing training program to ensure that they remain familiar with the latest regulations and industry developments. Directors are required to undertake a minimum amount of training each year, with part of the training requiring formal assessment.
Regulation of Club Super
Club Super is regulated by the Australian Prudential Regulation Authority (APRA) , and is classified as a Registrable Superannuation Entity (RSE) by APRA.
The Trustee company holds an RSE Licence with APRA and is an Authorised Representative under the Australian Financial Services Licence held by Independent Fund Administrators & Advisers Pty Ltd.
Risk Management
As required by APRA, the Trustee Board has in place a Risk Management Strategy (RMS) and a Risk Management Plan (RMP). The RMS outlines the risks and controls in place for the Trustee and the RMP addresses the risks and controls in place for the Fund. These documents are periodically reviewed, in conjunction with the external compliance consultant. Members may request a copy of the RMP.
Conflict of Interest
Each Director is required to disclose any actual or potential conflicts of interest (COI) that they may have.
General Advice Warning
This information provided by Club Super is of a general nature, and does not take into account your individual financial situation, objectives or needs. If you require such specific advice, you should contact a licensed financial adviser. You should consider the Product Disclosure Statement (PDS) before making any decisions in relation to Club Super.