Most people working in the Australian superannuation industry believe they are being adequately remunerated.
That is the bottom line to emerge from the latest IUS/Super Review Super Outlook survey, which reveals that few people are unhappy with what they are being paid.
Asked to look at the superannuation industry and its standing in the Australian financial services industry, respondents rated their level of remuneration when compared to other sectors.
Surprising many in the industry, nearly 60 per cent of respondents rated their remuneration level as being ‘excellent’ (11.6 per cent) or ‘good’ (47.3 per cent).
Perhaps even more importantly, a further 32.9 per cent of respondents rated their remuneration as being ‘adequate’, with only 8.2 per cent rating it as ‘poor’, and no one believing they were ‘very poorly’ remunerated.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.