Australian unions mark the introduction of compulsory superannuation as one of their proudest achievements. At its best, superannuation guarantees workers access to a pool of savings accumulated over a lifetime of work when they retire.

However, the system is not without its flaws. At its worst, it reflects and sometimes exacerbates the inequalities created by neoliberalism, punishing the low-paid and long-term unemployed while providing convenient low-tax boltholes for the superrich. Despite these limitations, the Left should defend superannuation schemes — especially the “industry super funds” which are 50 percent union controlled — against the Coalition and the private investment funds who covet the billions of dollars of workers’ savings they manage.

Australia’s worst union, the right-wing, pro-employer Shop, Distributive and Allied Employees Association (SDA), is not making the task of defending workers’ pensions any easier. Alongside Australia’s biggest retail businesses, the SDA runs the Retail Employees Superannuation Trust (REST). REST’s website promises “Low Fees and Profits Back to Members.” But according to the accounts, the trust doles out a sizable chunk of its profits to SDA officers. This is not just a question of skimming the cream from workers’ savings — SDA uses this cash to fund their conservative pro-boss agenda.