POWERED BY MOMENTUM MEDIA
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.
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
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
