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Tasmania's largest private sector superannuation fund, Tasplan super, has welcomed the commencement of a national advertising campaign by industry superannuation funds. General Manager, Neil Cassidy believes the $16 million campaign will at last bring out into the open the outstanding value offered by industry funds. Simply put, industry funds operate on the premise of 'profit for members' and do not pay dividends to external shareholders or commissions to agents, brokers or financial planners. Every dollar of profit generated by an industry fund like Tasplan belongs to its members." This creates an enormous fee differential between industry funds and retail funds / master trusts and has been an advantage that financial planners have been quick to play down. They say it is all about fund earnings, however, industry bodies such as the Association of Superannuation Funds of Australian ( ASFA - of which many retail funds and master trusts are members) , has warned repeatedly about the impact of high fees on retirement outcomes. "It is difficult to justify or defend the level of asset - based administration fee charged by some retail funds and master trusts" Cassidy said " when the end result is that the more a person contributes to super, the more that person is slugged in fees. " According to Cassidy, a 'sleeper' in the whole debate about fees is the fact that some funds are actually charging entry fees and deducting commissions from the Co-contribution payments ( up to $1500 ) being made by the Government into the accounts of eligible employees. "In other words, fees and commissions are being taken from taxpayer funds contributed by the Government; this is on top of the same deductions being made out of the 9% Superannuation Guarantee" "The only thing stopping a public outcry of rage by both employers and employees is that most people just don't know about it." Cassidy said. The embarrassment and culpability factors here for the Government are enormous with taxpayer funds and employer contributions being effectively 'garnisheed' to pay commissions and shareholder dividends.