Australia’s top 10 super funds revealed
A panel of industry experts have revealed their choices for the top 10 super funds in Australia.
The panel follows the Productivity Commission’s proposal to see experts name the top 10 funds based on long-term net returns, fees, governance and their record on meeting “member needs”.
With a third of all super accounts belonging to an owner who has an account with another fund and five million people having default products with poor performance, the commission is calling for an overhaul of the way employees end up in super funds.
According to the panel of experts, choosing the right super fund can leave employees with an extra $375,000 by the time they enter retirement, reported the Herald Sun.
The Commission’s draft report released last month, said: “At the heart of our preferred model is a single shortlist of ‘best in show’ products for all members.”
“Members should be empowered to choose their own product, and the shortlist should be designed to make this safe and easy to do.”
The super funds that were ranked top by the experts included Australian Super, First State Super, Hesta, Rest and CareSuper.
Sunsuper, Cbus, Hostplus, QSuper and Equip also made the list.
The panel of industry experts included managing director of Dixon Advisor Nerida Cole, CEO of Super Ratings Kirby Rappell, head of research at Chant West Ian Fryer and research strategy head at Morningstar Anthony Serhan.
However, Mr Rappell said: “There are some real challenges to making the proposal workable in practice”.
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