AIST calls for consumer-friendly dashboard
MySuper legislation should specify an accurate performance target that is both net of investment fees and administration fees, according to the Australian Institute of Superannuation Trustees (AIST).
In a submission to Parliament regarding the fourth tranche of MySuper, which the institute plans to release on Thursday, it will argue that the success of MySuper hinges on simple, consumer-friendly comparability and accurate performance return targets.
AIST said the product dashboard should show the target at the same accounts balance - and with the same standard assumptions - for all MySuper products.
The dashboard should include worked examples and provide the dollar impact of the target and actual performance, AIST said.
"This is in line with the approach to investment and administration fees in super fund Product Disclosure Statements," said AIST project director David Haynes.
He said research had shown dollar examples to be more meaningful for consumers than percentages.
"It's no good providing people with information that doesn't give them a true picture of the fund's performance or return targets.
"Members need to know exactly what they are getting in their pocket, which is the amount net of all fees and charges," he said.
Haynes said AIST recommendations were in line with the Government's focus on MySuper being consumer-friendly.
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