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
