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MySuper a mystery for super fund members
Almost one-quarter of super fund members have multiple super accounts to access better insurance options or to retain the option to return to the fund, according to an Investment Trends and QSuper report.
The 2012 Member Sentiment and Communications Report found 26 per cent of members had multiple accounts for specific reasons such as insurance or choice, although inertia was the number one reason.
Auto-consolidation was a mystery to 68 per cent of members, who were unaware of the upcoming industry changes, the report said.
It said only one in three members was aware of MySuper legislation and the raft of changes it would bring, although when prompted 58 per cent said they would want a lifecycle option.
QSuper chief executive Rosemary Vilgan said low awareness of the changes could allow superannuation funds to step in to educate members and engage them on MySuper.
"The strong support for lifecycle solutions indicates it's not possible for everyone to sit down with a financial planner who can tell them when and how to modify their strategy," she said.
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