#Superannuation #CFMEU #Cbus #RetirementFunds
Hey everyone! π I need some advice on my current superannuation situation with Cbus and its ties to the CFMEU. π¬ Here’s my dilemma:
I work in construction in Victoria, and the recent corruption allegations with John Setka have left me feeling uneasy about having my retirement funds potentially managed by the CFMEU. Should I be worried about this association? Are there better superannuation options out there that are more compatible with my values?
Here’s what I’d like to know:
– How entrenched are the CFMEU with Cbus?
– Are there any alternatives to Cbus that I should consider?
– What are your thoughts on this situation?
I’ve personally witnessed corruption on worksites before, and the idea of a bikie gang having control over my retirement funds is unsettling. π If anyone has any insights or recommendations, please share them! Let’s help each other make informed decisions about our superannuation. π‘π
Looking forward to hearing your thoughts!
Donβt advertise your stupidity so loudly.
A Bikie gang doesnβt control Cubs FFS
mate – CFMEU doesn’t pick the investments.
and you can google it, there are professionals running the show at CBUS,
Lol. CBUS is an entirely different entity.
If you have any proof that the CFMEU Victorian branch has influence over CBus Super you should contact ASIC.
If not, then you’re probably getting worked up over nothing.
If it really bothers you, even in the absence of evidence, then move your super. CBus are fine, but there’s better options.
just switch funds
Don’t worry mate, your Super isn’t being controlled by bikies unless you specifically selected the ‘Methamphetamine & Prostitution’ investment option.
As someone who is intimately familiar with Cbus, you’re fine. Setka and the CFMEU dont have any operational involvement with Cbus.
Cbus’ board has representation from both MBA and CFMEU. And they do regularly stifle each other, but for the most part they both show strong and clear impartial thinking for the benefit of the member. Not 100% of the time, but enough that there isnt too much concern.
The executive is generally quite good, though like most other places they all have their agenda and very rarely is it aligned. Its a highly political atmosphere at the executive level, excessively so. There is little interest in trying to advance the product and deliver some real value, instead they largely coast on the benefit of having a strong Investment team.
My rationale for saying this is that the recent (last 5 years) Digital Transformation they undertook was largely pointless. The value it delivered vs how much it cost in no way justifies the spend. Couple this with the fact that they raised their fees, its not a good look.
I should note, APRA has been on Cbus’ case for the size of its board. Expect that if Cbus were to acquire further funds, in a way that is not the hodge podge attempt that is Media Super, you will see increased scrutiny and possibly intervention to alter this.
Cbus most likely donate to the cfmeu, but thatβs about it.
You’ll be fine, but I would have considered moving given their high level of unlisted property.
The ETU is on the board for CBUS. Unsure if the CFMEU sit on the board.
CBUS are great, put your super in High Growth and forget about it.
The main thing for you to check is that your contributions are making it to your account.
MyGov>ATO>Super or Cbus app will list all transactions
CBUS just announced another annual return of 8%. I’d say your money is safe there.. CBUS has averaged 8% or more since inception.. As with most industry funds, they have an equal representation from employers and unions (not just the CFMEU). I’ve been with CBUS since 1996 and aren’t changing anytime soon.
Spill on the first hand corruption stories
CFMEU Victoria tried to replace cbus as their default super fund for 50,000 members. CBUS awarded a contract to Grocon, who were concurrently suing CFMEU. They were pissed and took on tenders from other super funds to become their default.
Criminals Behind Ur Super???
Wow. You donβt get how super works at all, do you.