AUSCOAL Super was established from a merger between Coalsuper Retirement Income Fund and the Queensland Coal and Oil Shale Mining Industry Superannuation Fund in April 2005. The company has been serving Australias mining and auxiliary industries since 1941, growing and expanding to continue supporting the ever-growing resources sector. These days, AUSCOAL Super is composed of three major shareholders: NSW Minerals Council (25 per cent); Queensland Resources Council (25 per cent); and Construction, Forestry, Mining and Energy Union Mining and Energy Division (50 per cent). AUSCOAL Super owns AUSCOAL Services which administers the AUSCOAL Super fund.
As the industry superannuation fund for the mining industry in New South Wales, Queensland, and Tasmania, AUSCOAL has enjoyed an increasing membership with more than 78,000 members across the country. The company is owned for the exclusive benefit of members. This profit-to-members approach means AUSCOAL Super can return benefits to its members through lower fees and better returns. SuperGuide noted that for the 2012 financial year AUSCOAL Super’s Balanced Option delivered a rate of return of 1.6 per cent, and from 2004 to 2012 it saw an average annual rate of return of 6.3 per cent, ranking it among SuperGuides top-25-performing super funds over the long term.
As of March this year, the breakdown of investment managers and funds comprised Australian shares, international shares, bonds, property and alternatives such as aircraft leasing, agriculture, hedge funds and return-seeking bonds. Using a diverse range of investment managers, AUSCOAL Super ensures each will exercise integrity, prudence, and professional skill in managing all its members money.