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Balanced super option rose 0.7% in October
The median balanced option rose an estimated 0.7% in October and 11.2% year to date, suggesting superannuation funds are likely to record another year of healthy returns for members, according to SuperRatings.
The research house said the median growth option rose by a similar amount in October while the median capital stable option was flat.
SuperRatings executive director, Kirby Rappell, said: “2021 has been a strong year for superannuation, with returns nearly three and a half times those of calendar year 2020 and almost double the yearly average for the past 20 years”.
Meanwhile, pension returns were also positive in October, with the median balanced pension option returning an estimated 0.7% over the month and 11.7% over the calendar year.
The median pension growth option returned an estimated 0.8% and the median capital stable option gained an estimated 0.1% through the month.
Rappell also warned members on the impact of the Government’s new super stapling legislation, which went into force at the beginning of November, if they did not engage with their accounts.
“While this legislation will cut down on members having multiple super accounts, it is really important that members check which fund they are stapled to, to see if its performance stacks up and fees are competitive, as this could have a significant impact on their final retirement account balance,” Rappell said.
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