Pension Rights Center: Pension Policy | International Pensions

Independent Pension Trustees in Australia

In Australia, pension plans are administered by independent trustees. The trustees are typically financial institutions, which are responsible for managing the plans, investing plan assets, and paying benefits. The trustees are licensed and regulated by government agencies. In the case of union-negotiated plans, the trustees may consist of an equal number of representatives of workers and employers. Regardless of whether the trustee is a financial institution or a board of workers and employers, the trustees are legally responsible for making decisions in the best interests of the workers and retirees.

Employers are responsible for selecting a financial institution or other independent trustee, and for transmitting contributions to the trustees. They have no responsibility for managing the plan.