POWERED BY MOMENTUM MEDIA
YFYS performance test has deficiencies: ISA
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.”
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
