Changes make super incomprehensible
The desire to make a fair superannuation system has made the system generally incomprehensible for ordinary members, Qantas Super believes.
The fund's chief executive, Michael Clancy, said during a panel discussion at Super Review's Future of Super conference that there "had been a really good technical conversations about super changes".
"But I feel like we haven't had a very human conversation about the changes. Perhaps 96 per cent are not worse off but the recent announced proposals feed into a narrative around super that things change on a regular basis and in unexpected ways," he said
"Change isn't bad but it takes people by surprise. In a desire to make a perfectly fair system we have made a generally incomprehensible system for ordinary members."
Also speaking on the panel, Legal Super chief executive, Andrew Proebstl, said actions on super needed to be aligned with the rhetoric.
"As an industry we also need to be careful of being accused of self-interest. We need to work positively, work with government and be aware of how we are expressing our interests," he said.
QSuper chief executive, Michael Pennisi, said in a utopian world super would be bipartisan legislated, on a 10-year platform, and the industry and government would have a program to educate the general community about the benefits of super.
"We have a massive role and more than we have had in a long time to ensure our members understand that super is a good thing," Pennisi said.
"We need to say that 'you'll get support from your fund and super continues to be a great vehicle to get you to retirement'."
Recommended for you
The regulator has fined two super funds for misleading sustainability and investment claims, citing ongoing efforts to curb greenwashing across the sector.
Super funds have extended their winning streak, with balanced options rising 1.3 per cent in October amid broad market optimism.
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
