13 super funds failed the government regulator’s performance tests in the year ended 30th June 2021. Those funds were forced to write to their members, pointing out the performance failures and telling members to look at moving to higher-performing funds.
What is a person to do when faced with this sort of letter? Who can you turn to? What information do you need and how do you know your choices will be correct? There are so many questions for anyone receiving one of these letters. A number of media articles have highlighted the failures and the fact that only a small number of the roughly 1 million members of those funds, have actually shifted to another fund. The primary avenues for advice are:
- The ATO super comparison website
- The government sponsored website www.moneysmart.gov.au
- The government regulator APRA’s website
- The government www.yoursuper.gov.au website
These avenues are free.
If you wish to receive advice from a financial planner, there will be a fee payable. The financial planner will need to meet strict requirements for understanding your position, investigating options and presenting the results to you in a written Statement of Advice.
There’s a lot to consider.
For further reading, we have included below a link to an article on this topic written by one of our advisers, Michael O’Hara.