An industry superannuation fund (or, simply, 'industry fund') is an Australian superannuation fund originally established to provide for the retirement of workers from a specific industry. While industry funds are no longer tied to specific industries, they remain not-for-profit, mutual funds which are membership-based and do not have shareholders. Industry super funds can be contrasted with retail super funds (or 'wholesale master trusts'), which are public offer funds managed by financial institutions. Profits from retail funds are distributed to shareholders or investors (the trustees of the fund), whereas industry funds return profits directly to members. Industry Super Australia (ISA) is the peak body of the industry fund sector. From 1 July 2005, choice of fund rules came into effect, giving most Australian employees the option to choose the fund into which their employers paid their superannuation contributions. In practice, over 75% of workers remained with their employer’s default fund, which was usually an industry fund. From this time, industry super funds were also no longer required to be industry-specific, and most became open to membership by a majority of Australian workers. Such open funds are called public offer funds. Since 1 January 2014, all employers must select an approved MySuper account as their default super fund into which they must pay all default super guarantee contributions (minimum employer contributions). However, employees can nominate an alternative investment fund, called a stapled super fund. The Fair Work Commission determines which superannuation funds are suitable to be industry super funds and adopted by employers as default funds. History of industry super funds Prior to 1992, superannuation was common among workers; however, there existed no national legislative requirement for employers to pay superannuation for their employees. Instead, industrial awards negotiated by the union movement provided for businesses to contribute to superannuation funds for, and on behalf of, their staff. This system was not uniform across the economy, and superannuation policies were tied to individual awards, which differed between industries. In 1992, the Keating Labor government introduced a compulsory ‘Superannuation Guarantee’ system as part of a major reform package to help relieve the growing burden on the taxpayer-funded government pension scheme. The change came about through a tripartite agreement between the government, employer groups and trade unions. Trade unions agreed to forgo a national 3% pay increase for their members, which would instead be put into the new superannuation system for all employees in Australia.