CBA staff denied freedom to choose super fund

Commonwealth Bank wants the working public to pick CBA as the manager of their retirement savings under choice of fund laws from July, but won’t allow most of the bank’s own staff to choose another money manager. An enterprise bargaining agreement struck between the bank and the Finance Sector Union in 1998 restricts the bank’s freedom to allow choice of fund. Covering more than two-thirds of the bank's 31,000 Australian workforce, the clause bypasses new freedom of choice laws by limiting employees to the bank's corporate fund, the Officers' Super Fund.