YFYS performance test has deficiencies: ISA

31 August 2021
| By Jassmyn |
image
image
expand image

Industry Super Australia (ISA) believes the Governments Your Future, Your Super performance test contains deficiencies that are not in the best interests of all superannuation fund members but only funds that meet and exceed the test will continue to participate in its marketing campaign.  

ISA chief executive, Bernie Dean, said it was in all super fund members’ best financial interests to be connected to a fund that met and exceeded performance tests. 

“ISA notes that the performance test recently introduced by the Government contains deficiencies that are not in the best financial interests of all super fund members and that will lead to outcomes inappropriately favouring some funds over others. This is a matter that ISA will continue to seek to have remedied,” Dean said. 

“In relation to the Industry SuperFund marketing campaign, the board has decided that only funds that meet and exceed the performance test will continue to participate in the campaign. 

“Members can continue to trust that the Industry SuperFund symbol is the mark of a quality fund with good long-term performance and low fees.” 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 7 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 7 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 8 hours ago