Where products are displayed in a comparison table, the display order is not influenced by commercial arrangements and the display sort order is disclosed at the top of the table. If no choice is made within 60 days, they should be defaulted to one of the shortlisted funds. Here’s a quick overview of the report’s 31 recommendations: If you’re comparing Superannuation funds, the comparison table below displays some of the products currently available on Canstar’s database for Australians aged 30-39 with a balance of up to $55,000, sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Based on its findings, the report proposed a raft of changes to Australia’s superannuation system.

Performance figures shown reflect net investment performance, i.e. Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. In addition, the report states that retail funds have been ‘systematically outperformed’ by not-for-profit funds. The Productivity Commissions final report into Australians superannuation system has doubled down on its call for a top 10 list of super funds despite opposition from industry groups. Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism). You may need financial advice from a qualified adviser. The Productivity Commission handed down its final report on Australia’s $2.7 trillion superannuation industry in January 2019, finding that unneeded and underperforming super accounts … Fees payable by product providers for referrals and Sponsorship or Promotion may vary between providers. Trustees should stop all insurance cover on accounts where no contributions have been made for 13 months. All  super funds regulated by the Australian Prudential Regulation Authority (APRA) should undertake annual outcomes tests for their MySuper and choice offerings. You may unsubscribe or opt out at any time. This entails the introduction of an annual outcomes test whereby trustees must determine whether their MySuper product is meeting the best interests of their members and must compare their MySuper product against others in the market based on fees, returns, risk and other metrics,” it said. For instance, it states that some members end up with their balance eroded by over $50,000 by duplicate or unsuitable policies. “The government has already presented legislation to Parliament to strengthen MySuper. The government should clarify the roles of APRA and ASIC in relation to super. © Copyright 2020 CANSTAR Pty Limited AR 443019All Rights Reserved, *We are Australia’s Biggest Financial Comparison Site.

... Do you have information the public should know? When members reach 55 years of age, the government should prompt them to visit specific pages on the Australian Securities and Investments Commission (ASIC) website and the Department of Human Services website in order to obtain information that could help them in the pre-retirement stage of their lives. The table position of the Sponsored or Promoted product does not indicate any ranking or rating by Canstar. The commission noted this feedback in the final report but said that the panel would be forced to judge all applications for the list equally. net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. Ratings are only one factor to take into account when deciding whether to make an investment. Credit services for Aussie Elevate products are provided by

“The reason for including what fund members think in assessing the best performers is that they have the final decision on choice of fund, so their opinion counts.”.

However, industry groups have criticised the shortlist with the Association of Superannuation Funds of Australia chief executive Dr Martin Fahy saying it would reduce competition. These results are general advice only and not personal financial advice. net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. This advice is general and has not taken into account your objectives, financial situation or needs. The government should commission an independent public inquiry into the role of compulsory super in the broader retirement incomes system. However, the report also notes that not all members are getting good value from this. They may appear in a number of areas of the website, such as in comparison tables, on hub pages, and in articles. Let Aussie help find the right home loan for you. The study was based on findings from Roy Morgan’s ‘Single Source’ survey which involved interviews with more than 50,000 consumers per year, including over 30,000 with superannuation. Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. By submitting this form you agree to Aussie's Privacy Policy. Sponsored or promoted products that are in a table separate to the comparison tables in this article are displayed from lowest to highest annual cost. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Interestingly, the report also found that funds that charge higher fees tend to deliver lower net returns after investment and administration fees are taken into account. While you will not be offered any single investment option, this is to take into account the different combinations of investment options SunSuper may apply to your account based on your age.

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