Super performance test, are super funds being asked to do too much? (yes, obv!), all the news and views.
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Hi There

 

Nothing much to report this week. Everyone seems to just be busy busy.

 

One positive, all the industry super funds passed the super performance test for both MySuper and trustee directed products, which is a step up from last year. On the platform side, a bunch of investment choices still failed, including 27 products which failed for a second time and will now be closed to new members.

 

The performance test is a very blunt instrument, and definitely does NOT encourage innovation. But you know what? When we're talking about people's life super, I'm not sure that it really matters.

 

Personally, I'd prefer a solid result for the vast majority, rather than some people winning and some losing. There are loads of options for people with time/interest/available $$ to do more interesting things with their super if they so choose.

 

On a different topic, Michelle Levy (author of the Quality of Advice review) fronted the Senate Estimates Committee and put it in plain language that the expectations on super funds re retirement products and comprehensive advice are over the top and unwanted. What a woman! Here's my LinkedIn post featuring the usual comments that annuities are the best. Feel free to join the melee ;).

 

OK so it turns out I did have things to say! Who knew?! lol.
 

Cheers

Sarah

Mayflower CEO

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NEWS & VIEWS 

 

ASIC and APRA host Superannuation CEO Roundtables - ASIC

 

APRA releases 2024 superannuation performance test results - APRA

 

Super funds fail to meet millennial members' expectations: ASIC roundtable - Financial Standard

 

YFYS debate reignited with latest performance test results - Professional Planner

 

APRA’s latest test reveals positive trends in super - Money Management

 

All MySuper products pass super performance test - Financial Standard

 

Super performance test retains spotlight on platform products - Super Review

 

Let's ensure the performance test works for everyone - Financial Standard Advice

 

Pressure mounts on YFYS test to evolve after zero MySuper fails - Investment Magazine

 

APRA performance test leaves out more than a million retirees - SMSF Adviser

 

Superannuation withdrawals during Covid were the least effective economic support measure - The New Daily

 

Unpaid super reaches $41 billion over nine years - In Daily

 

Too much being asked of super trustees: Levy - Financial Standard

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