MySuper

‘Smart defaults’ for super could boost retirement savings by 35%

‘Smart defaults’ for super funds could boost annual super fund returns by 3.5%-4.5% per year, increasing balances at retirement by 35%. The Financial Services Council (FSC) says that new technology allows for individually tailored superannuation products, but the default MySuper system is not taking advantage of these opportunities. “Millions of… Read More »‘Smart defaults’ for super could boost retirement savings by 35%

Retail super members “gouged” $1.8 billion by slow MySuper transition

Industry Super Australian has accused retail and ‘bank-owned’ super funds of “gouging” up to $1.8 billion from superannuation fund members by slowing the transition to MySuper products. Industry Super Australia says retail super funds will collect between $800 million and $1.8 billion in additional fees from super fund members by… Read More »Retail super members “gouged” $1.8 billion by slow MySuper transition

Speed up transition to MySuper to benefit members, says AIST

MySuper transition, AISTThe Australian Institute of Superannuation Trustees (AIST) has called for the Government to accelerate the transition to MySuper default super funds from “high-fee bank-owned default super funds.”

Under the Stronger Super changes superannuation fund trustees have until 1 July 2017 to transfer the balances of existing default members to a MySuper product.

This means that “hundreds of thousands of consumers are paying higher fees for their super and missing out on the benefits of the MySuper reforms,” said AIST Executive Manager David Haynes.

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APRA starts to release MySuper statistics

APRA MySuper statisticsARPA has started to release MySuper superannuation fund statistics. According to APRA there are 116 MySuper products, holding total assets of $ 363.2 billion.

“The statistics provide a central source of information on MySuper products and support the broader transparency objectives of the Stronger Super reforms,” said APRA member Helen Rowell.

This release of statistics covers the September 2013, December 2013, March 2014 and June 2014 quarters. APRA has a duty under the SIS Act to publish quarterly MySuper Statistics, including “fees charged, costs incurred and net returns”.

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