SEARCH

Calls for industry fund changes on shaky ground, says ISA

Industry Super Australia says new APRA performance figures put into question lobbying efforts from banks to dismantle the industry super fund governance model.

Analysis of annual APRA data shows that over the 10 years to 30 June 2016, industry super funds have delivered returns to members of 5.4 per cent, compared to retail and bank-owned super fund returns of 3.6 per cent, ISA said in a statement.

For public offer funds with reported 10-year returns, 13 of the top 15 are industry super funds, while all 15 of the bottom 15 performing public offer funds are retail funds, the statement said.

ISA chief executive David Whiteley said ISA analysis of the APRA figures underscored the absurdity of changing super laws to suit the vertically integrated business models of the big four banks.

Advertisement
Advertisement

“These performance figures are a timely reminder of the need to place public policy imperatives ahead of the commercial imperative of the banks,” Mr Whiteley said.

“Handing the default super system to the banks could ultimately mean many Australians will be forced to work longer or retire with less.”

Calls for industry fund changes on shaky ground, says ISA
Cracks
ifa logo

 

Stimulate new ideas. Stimulate new thinking. Top up your CPD points and hear from industry experts with ifa’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD hours. Explore the Knowledge Centre now.

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.