Super reforms 'stop short' of fixing underperformance : vima

Super reforms 'stop short' of fixing underperformance


Super reforms ‘stop short’ of fixing underperformance
Super reforms ‘stop short’ of fixing underperformance
A super industry body has claimed that the government’s exclusion of some funds from its new benchmarking requirements means the coming reforms will fail to address underperformance in the sector.
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The Australian Institute of Superannuation Trustees (AIST) has used data from APRA to show that profit-to-member funds outperformed retail funds by an average of 23 per cent, while returning around 2 per cent more than retail funds.
“A one or two percentage differential in annual investment returns has a huge impact on the financial outcome for members in retirement. It should be legislated that every super product is subject to annual performance testing. Any exclusion simply lets underperforming funds escape scrutiny and eats away at member returns,” said AIST chief executive Eva Scheerlinck.

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