POWERED BY MOMENTUM MEDIA
YFYS performance test has deficiencies: ISA
Industry Super Australia (ISA) believes the Governments Your Future, Your Super performance test contains deficiencies that are not in the best interests of all superannuation fund members but only funds that meet and exceed the test will continue to participate in its marketing campaign.
ISA chief executive, Bernie Dean, said it was in all super fund members’ best financial interests to be connected to a fund that met and exceeded performance tests.
“ISA notes that the performance test recently introduced by the Government contains deficiencies that are not in the best financial interests of all super fund members and that will lead to outcomes inappropriately favouring some funds over others. This is a matter that ISA will continue to seek to have remedied,” Dean said.
“In relation to the Industry SuperFund marketing campaign, the board has decided that only funds that meet and exceed the performance test will continue to participate in the campaign.
“Members can continue to trust that the Industry SuperFund symbol is the mark of a quality fund with good long-term performance and low fees.”
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(%)
