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MySuper – beauty is in the eye of the beholder
Rollover feels a certain amount of sympathy for Deloitte’s superannuation partner, Russell Mason who candidly declared to Super Review's recent Future of Super Conference in Melbourne that a good deal of time, money and effort had been expended in implementing MySuper for not much result.
Rollover’s sympathy for Mason derives from the fact that he was part of a panel discussion around the fact that the Government’s Protecting You Super (PYS) legislation had required high levels of member communications, whereas the introduction of MySuper had been all about letting members set and forget.
As everyone knows, most MySuper funds are just rebadged pre-existing default funds, so Mason definitely had a point about how much it cost to undertake that rebadging.
However, he seemed to hit a sore point with some, because at the Super Review's Super Fund of the Year Awards that evening, UniSuper chief executive, Kevin O’Sullivan, took the time to say how much he liked MySuper products as his fund walked away with the trophy for best MySuper product.
Value, you see, is in the eye of the beholder and obviously in the hand of the trophy-holder.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
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