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The Australian Institute of Superannuation Trustees (AIST) notes today’s release of new performance data for default MySuper products, but remains concerned that millions of Australians will be unaware they are in underperforming and untested super products that aren’t as yet covered by the new laws.
AIST CEO Eva Scheerlinck said the release of data by the Australian Prudential Regulation Authority (APRA) was an important first step towards greater consumer disclosure of fund performance, but more needed to be done to ensure that every Australian could get transparency on where their super fund sits compared to others.
“AIST remains concerned that there is no requirement either in the legislation or regulations for all super products to be performance tested or for a fund to have passed the test before a member can be stapled to it.”
The legislation and regulations carve out a range of “Choice” funds, containing more than $500 billion in assets from performance testing. The Choice sector has been described by the APRA as being at the “poorer-performing end of the spectrum.”
“While it’s important to be performance testing MySuper funds, we need to recognise that this is the sector that generally outperforms other types of super funds where millions of members currently languish,” Ms Scheerlinck said. “More than one third of super savings are currently excluded from scrutiny and disclosure and these members have no way of knowing whether their fund would have failed the test.”
Media enquiries: Janet de Silva, AIST Senior Media Manager 0448 000 499 | [email protected]
AIST is the peak body for the $1.5 trillion profit-to-member superannuation sector which includes industry, corporate and public sector funds