POWERED BY MOMENTUM MEDIA
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.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.
The Association of Superannuation Funds of Australia (ASFA) has called for the incoming government to prioritise “certainty and stability” when it comes to super policy.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
