Skip to Main Content
 
rawpixel 620230 unsplash
Media Releases

Almost half the super system could be exempt from crucial performance tests

  Published: 11 Dec 2020

Almost half of the super system may could be exempt from a crucial government performance test that would reveal to workers if their fund is a dud, new analysis from Industry Super Australia (ISA) shows.

An eyewatering estimated $881 billion in retirement savings belonging to 8.4 million member accounts or about 47% of the APRA regulated system could be exempt from the government’s new Your Future, Your Super performance benchmarks.

And there is no timeframe for performance tests to be applied to three quarters of the nearly $1.13 trillion in assets not in MySuper.  

Failing the critical benchmark test means members are warned about a fund’s poor performance, a second consecutive strike bars the fund from accepting new members.

Among those currently out of the test are notorious dud investment products whose poor performance and fee gouging Banking Royal commissioner Kenneth Hayne savaged in his final report.

*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

Got a topic you'd like to read about?

Thank you for your topic suggestion.

The message has been sent succesfully, check back soon to find if we wrote about the topic you suggested.

An error has occurred

Due to a technical fault we are unable to to submit your form at the moment. Please try again later.

Additional details:

To learn more about one of the Industry SuperFunds below click on their logo.

What's your question?

warning Your question will be sent directly to the fund you select

Talk to someone who knows how to help

warning Your question will be sent directly to the fund you select

  • You will be called back at the next available opportunity.

Thank you for your enquiry

An error has occurred

Due to a technical fault we are unable to to submit your form at the moment. Please try again later.

Additional details:

I'M READY TO CHOOSE A FUND