Productivity Commission releases draft report into super

Industry news
1st June 2018

The Productivity Commission released a draft report on Tuesday, which warns of under-performing funds and shows the divide in performance between not-for-profit funds and retail funds. Not-for-profit funds, on average, returned 6.8% between 2005–2016, while retail funds returned only 4.9%.

The report proposed establishing an expert panel to select a list of 10 ‘best in show’ super funds. Workers could choose from these funds, rather than accumulating multiple accounts when they change jobs. If the recommendations are enacted, this would replace the current model where default funds are linked to the industrial relations system or chosen by employers.

The Productivity Commission’s report is currently in draft and the findings are yet to be finalised or considered by Government. CareSuper will keep you up to date about any significant changes.

CareSuper members know what a top performer looks like

CareSuper’s already among the best performing funds in the country. Our Balanced option is the best performing Balanced option over the past decade (SuperRatings’ April 2018 report), and we’re their MySuper of the Year award winner for 2018. We also hold a 5-star rating from Canstar.

Any members who think they may have multiple super accounts eroding their super savings can find and consolidate it in minutes.*

And it’s easy to avoid picking up a new default super account if you do change jobs. Simply let your employer know you want to stay with CareSuper by completing a Choice form.

*Before combining your super into CareSuper you should consider whether this is right for you and check if you will be charged any exit or other fees. You should also check the impact on any insurance arrangements (such as loss of insurance) or other benefits.