Australia’s failing superannuation funds named and shamed
The nation’s worst-performing superannuation funds have been named and shamed, and slapped with an ultimatum to fess-up to their customers.
The new test is part of the Federal Government’s Your Future, Your Super reforms, and funds were assessed on performance and admin fees.
Of the 76 funds, 13 failed the test – and now have 28 days to write to their members, outlining the results and to suggest moving to a better-performing fund.
The list includes AMG Super, CFS First Choice, Christian Super, Maritime Super and CBA Group Super.
Minister for Superannuation Jane Hume told Perth LIVE’s Oliver Peterson, overall the Super system has served Aussies well.
“But there are pockets of under-performers. And today’s a really good day for Super members and Australia’s future retirees,” she said.
The full results are available on the ATO website.
“Some Super fund members are going to be in for a bit of a shock that what was written on the box of their fund, really wasn’t what was delivered,” she said.
“They assess it themselves. The benchmark is based on their own asset allocation, but it also takes into account investment fees and administration fees.
“So if they want to improve their performance, they can lower their fees.”
Press PLAY to hear Jane Hume’s full interview