The government’s ‘fine tuning’ to the super performance test will make worthwhile improvements but a major reworking is needed to strengthen the test.
The government announcement that it will extend the all-important Your Future, Your Super benchmarking period from eight years to 10 years better reflects the long-term nature of super fund investments.
No further delays to testing the Trustee Directed Products is a welcome move, however large swathes of the poorer performing Choice sector will remain shielded assessment – including all products in the decumulation phase.
The government should commit to all APRA regulated funds being tested, including those in the retirement phase from this year. All members deserve to know if their fund is a dud including retirees.
