POWERED BY MOMENTUM MEDIA
Survey reveals mixed views on default funds
Super fund executives and trustees appear to be divided over default funds and how they are selected, with a new survey revealing contradictory attitudes.
The survey, conducted during the Conference of Major Superannuation Funds (CMSF), found strong majority support for the concept of all approved MySuper products being eligible to be default funds, yet also supported the continued involvement of the industrial relations judiciary.
The survey, conducted by Super Review, revealed substantial support for the Federal Government’s preferred policy approach, with nearly 63 per cent of respondents agreeing that all approved MySuper products should be capable of selection as default funds.
The significance of the survey, sponsored by MetLife, is that the majority of delegates attending the CMSF event were executives or trustees of industry superannuation funds.
The survey findings come at the same time as the Financial Services Council (FSC) has sought to question the appropriateness of the Fair Work Commission’s (FWC’s) review of default funds and, in particular, the status of the FWC’s expert superannuation panel.
However, while some sections of the financial services industry have suggested the FWC should have no role in selecting default superannuation funds, 58 per cent of respondents to the survey said they were in favour of the industrial judiciary continuing to play a role.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
