Australian Politics Forum - 13 super funds fail govt performance test

freediver

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13 super funds fail govt performance test
Sep 3^rd, 2021 at 10:00pm

https://www.theguardian.com/australia-news/2021/aug/31/thirteen-australian-superannuation-funds-fail-performance-test

Thirteen superannuation funds, including two associated with the Commonwealth Bank, that collectively hold the retirement savings of 1 million Australians have failed a new performance test, Australian Prudential Regulation Authority data released on Tuesday morning shows.

The funds, which manage $56bn in assets, will now have to write to their members informing them of the underperformance and inviting them to use an online super comparison tool run by the Australian Taxation Office.

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Super Nova

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Re: 13 super funds fail govt performance test
Reply #1 - Sep 6^th, 2021 at 2:22pm

freediver wrote on Sep 3^rd, 2021 at 10:00pm:

https://www.theguardian.com/australia-news/2021/aug/31/thirteen-australian-super...

Thirteen superannuation funds, including two associated with the Commonwealth Bank, that collectively hold the retirement savings of 1 million Australians have failed a new performance test, Australian Prudential Regulation Authority data released on Tuesday morning shows.

The funds, which manage $56bn in assets, will now have to write to their members informing them of the underperformance and inviting them to use an online super comparison tool run by the Australian Taxation Office.

How is this even possible. The stock market has been booming for so many years.

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greggerypeccary

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Re: 13 super funds fail govt performance test
Reply #2 - Sep 6^th, 2021 at 2:42pm

Super Nova wrote on Sep 6^th, 2021 at 2:22pm:

freediver wrote on Sep 3^rd, 2021 at 10:00pm:

https://www.theguardian.com/australia-news/2021/aug/31/thirteen-australian-super...

Thirteen superannuation funds, including two associated with the Commonwealth Bank, that collectively hold the retirement savings of 1 million Australians have failed a new performance test, Australian Prudential Regulation Authority data released on Tuesday morning shows.

The funds, which manage $56bn in assets, will now have to write to their members informing them of the underperformance and inviting them to use an online super comparison tool run by the Australian Taxation Office.

How is this even possible. The stock market has been booming for so many years.

Super funds are invested in a range of investment options, including cash and property.

They don't all invest 100% in shares.

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freediver

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Re: 13 super funds fail govt performance test
Reply #3 - Sep 6^th, 2021 at 4:23pm

Super Nova wrote on Sep 6^th, 2021 at 2:22pm:

freediver wrote on Sep 3^rd, 2021 at 10:00pm:

https://www.theguardian.com/australia-news/2021/aug/31/thirteen-australian-super...

Thirteen superannuation funds, including two associated with the Commonwealth Bank, that collectively hold the retirement savings of 1 million Australians have failed a new performance test, Australian Prudential Regulation Authority data released on Tuesday morning shows.

The funds, which manage $56bn in assets, will now have to write to their members informing them of the underperformance and inviting them to use an online super comparison tool run by the Australian Taxation Office.

How is this even possible. The stock market has been booming for so many years.

I expect the performance tests were relative to the relevant benchmark or peer group.

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Captain Nemo Gold Member Offline Australian Politics Posts: 16115 Melbourne Gender:	Re: 13 super funds fail govt performance test Reply #4 - Sep 9^th, 2021 at 9:31pm Lucky me, I'm with Australian Super - one of the best performers.
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freediver Gold Member Offline www.ozpolitic.com Posts: 53275 At my desk.	Re: 13 super funds fail govt performance test Reply #5 - Sep 10^th, 2021 at 6:38pm How do you know that?
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rhino

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Re: 13 super funds fail govt performance test
Reply #6 - Sep 10^th, 2021 at 6:52pm

greggerypeccary wrote on Sep 6^th, 2021 at 2:42pm:

Super Nova wrote on Sep 6^th, 2021 at 2:22pm:

freediver wrote on Sep 3^rd, 2021 at 10:00pm:

https://www.theguardian.com/australia-news/2021/aug/31/thirteen-australian-super...

Thirteen superannuation funds, including two associated with the Commonwealth Bank, that collectively hold the retirement savings of 1 million Australians have failed a new performance test, Australian Prudential Regulation Authority data released on Tuesday morning shows.

The funds, which manage $56bn in assets, will now have to write to their members informing them of the underperformance and inviting them to use an online super comparison tool run by the Australian Taxation Office.

How is this even possible. The stock market has been booming for so many years.

Super funds are invested in a range of investment options, including cash and property.

They don't all invest 100% in shares.

Generally members can choose their investment options, balanced is the default. I changed mine 100 percent to Aust shares about 3 months ago.

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rhino Gold Member Offline Australian Politics Posts: 17179 Gender:	Re: 13 super funds fail govt performance test Reply #7 - Sep 10^th, 2021 at 6:55pm freediver wrote on Sep 10^th, 2021 at 6:38pm: How do you know that? he probably googled it. https://www.superguide.com.au/comparing-super-funds/best-performing-super-funds
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freediver

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Re: 13 super funds fail govt performance test
Reply #8 - Sep 11^th, 2021 at 9:59am

If you were able to manage those funds yourself, you would have access to about 2000 Australian managed funds (and a huge variety of other options) with double digit returns over 10 years. Not a single super fund from that list did, though there are plenty of super funds that do.

It was a top performer from a list of selected funds with mediocre performance.

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