It’s hard for a man to understand something when his salary depends on his not understanding it.
Under his plan, spending will be provided to members only in aggregate, obfuscating the detail of where money is being spent, and to whom.
That’s still significantly less than the annual fees funds pay to keep the lights on at Industry Super Australia, which runs highly dubious advertising campaigns to protect the super sector’s rent-seeking. ISA’s annual revenue is worth $23 million – that’s your money. According to Scheerlinck, aggregates provide the “accountability and transparency that will achieve greater member engagement and understanding than line-by-line disclosure”.
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