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Super confusion continues
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| Vicki Doyle
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Australians are still failing to understand superannuation, according to new research released by Queensland-based Suncorp.
What is more, Suncorp head of superannuation and investments Vicki Doyle said the economic downturn has simply served to highlight the degree to which Australians remain confused about their superannuation investments.
She claimed key terms regarded by the superannuation industry as being basic were misunderstood, and this had been laid bare by the responses to the company’s Super WealthSmart survey, which found nearly half (49 per cent) believed super is too complicated, while 60 per cent admitted they did not understand their superannuation transaction statement.
“There is a big problem when superannuation providers and investors are speaking a different language about one of the biggest investments a person will have in their lifetime,” Doyle said.
On the basis of dealing with its customers, Suncorp has developed a list of the 10 most misunderstood terms in superannuation, which include allocated pension, transition to retirement pension, non-binding beneficiary and management expense ratio.
AUTHOR
Mike Taylor
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