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Super returns bounce back in April
On the back of a flat March quarter, superannuation funds have had a strong April with the median growth fund up 1.7 per cent, according to Chant West’s latest data.
This brought the returns for the first ten months of this financial year to a healthy 7.4 per cent, putting them on track for a ninth straight positive year.
Decent performances from the share markets, which were the main drivers of growth fund performance, helped achieve this result.
Australian shares were up 3.8 per cent for April, while their international equivalents were up 1.9 per cent in hedged terms. In unhedged terms, the slight depreciation of the Australian dollar pushed this figure up slightly to 2.8 per cent.
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The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
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AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
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