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New super laws should put more money in members' accounts, not shareholder pockets image
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New super laws should put more money in members' accounts, not shareholder pockets

Published: 27 Nov 2020

The owners of more than 1 million super accounts holding more than $30 billion in assets may never be told their fund is a dud unless a crucial government performance test includes all fees and charges. 

The government’s Your Future, Your Super exposure draft legislation suggests it will stick with the inferior net-investment return benchmark - which excludes administration fees and other non-investment charges.

This distorts outcomes because it does not measure what a fund deposits into a member’s account and allows dud products to hide their lousy performance. Benchmarks must be based on net returns – investment returns minus all fee and charges. 

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