Most people working in the superannuation sector are happy with their existing superannuation fund, but that hasn’t stopped more than a third of them considering establishing a self-managed superannuation fund (SMSF).
The key finding has been revealed in a survey conducted by Money Management’s sister publication, Super Review, and sponsored by MetLife, during the recent Conference of Major Superannuation Funds (CMSF) on the Gold Coast, with the significance of the result being that most conference delegates were representatives of industry funds.
Asked whether they had considered establishing an SMSF, 37.2 per cent of respondents at the conference said they had, while 61.8 per cent said it was something they had not considered doing.
Interestingly, the same survey revealed that 94.5 per cent of respondents were happy with their existing superannuation fund arrangements in terms of the service they received and investment returns, with this number declining to 85.4 per cent with respect to their insurance cover.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.