POWERED BY MOMENTUM MEDIA
No feedback to be given for YFYS performance test
The Government’s Your Future, Your Super (YFYS) performance test will not disclose the value of the superannuation fund’s mark and will only indicate a “pass” or “fail”.
The Australian Prudential Regulation Authority (APRA) updated its frequently asked questions on its YFYS performance test and said it would publish the results on its website on 31 August, 2021, after all registrable superannuation entities (RSE) were notified of their result on 30 August, 2021.
“For each MySuper product a “pass” or “fail” result will be published; the value will not be disclosed,” APRA said.
This would mean that funds would also not know how much they failed by.
RSE licensees that failed would need to notify their beneficiaries within 28 days. However, in “exceptional circumstances” such as a merger a consideration might be given to deferring the notice.
“Their request must be sent to both their responsible supervisor at APRA and to the Australian Securities and Investments Commission (ASIC) through the ASIC Regulatory Portal,” it said.
“ASIC will be the lead agency in considering requests and will consult with APRA prior to making a decision.”
Recommended for you
AMP’s strong 2024–25 returns were anything but a fluke – they were the product of a carefully recalibrated investment strategy that began several years ago, when the fund first became truly cognisant of its shortcomings.
ASIC is “considering what options” it has to hold super trustees to account for including the failed schemes on their platforms, according to its deputy chair.
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
