Statement from Industry Super Australia chief executive Bernie Dean:
The board of ISA supports the introduction and implementation of fair and appropriate annual performance tests as a way of protecting the best financial interests of superannuation fund members.
It is clearly in all superannuation fund members’ best financial interests to be connected to a fund that meets and exceeds such performance tests, inclusive of funds that participate in the Industry SuperFund collective.
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.
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.