Three out of the 40 superannuation funds that made data resubmissions failed the prudential regulator’s Your Future, Your Super performance test.
In answering a question on notice by Labor’s Dr Andrew Leigh, the Australian Prudential Regulation Authority (APRA) published the list of MySuper products that made material data resubmissions in relation to the performance test.
Three funds that made a resubmission – AvSuper Growth (MySuper), Colonial First State FirstChoice Employer Super, and CommonwealthBank Group Super Accumulate Plus Balanced – failed the inaugural performance test.
List of MySuper products that made material data resubmissions in relation to the performance test from 1 June 2021
Source: APRA
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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