The Australian Securities and Investments Commission (ASIC) has moved to help superannuation fund members prepare for the new choice of fund regime by providing comparative data on the performance of superannuation funds.
ASIC has worked with four ratings houses to produce the data which it said was intended to help consumers judge how well their super is performing.
ASIC’s Director of Consumer Protection, Greg Tanzer said the data comprised a table providing five and ten year average returns for four basic investment options across Australian superannuation funds, after management costs.
He said that the five and ten year data had been included because consumers needed to take a sensible long term approach to superannuation.
“While past performance is no guarantee of future performance, taking a long-term approach gives a better picture,” Tanzer said.
The data was provided to ASIC by Assirt, Morningstar, SelectingSuper and SuperRatings and Tanzer emphasized that the data remained the responsibility of the research houses with ASIC opting not to have it independently verified
