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Choice churn diminishing
The relatively small level of churn generated by the introduction of Australia’s new choice of superannuation fund regime appears to be running out of steam with fewer and fewer fund members indicating they are looking for change.
The results of the latest survey reveals that 49 per cent of superannuation fund members are now unlikely to change, up from 34 per cent in June last year, and that the number of members regarded as being “at risk” of changing has halved from 16 per cent to just 8 per cent.
Mercer Wealth Solutions Australian business leader said that six months into the new regime super choice had not proven to be the watershed that many had predicted.
“It looks as though choice could be a slow burn issue,” he said.
Anderson said that one possible explanation for the lack of churn resulting from choice was that superannuation fund members seemed to prefer exploring their options around the time they reached major financial milestones in their lives.
AUTHOR
Mike Taylor
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