SUPER CHECK
by Louise Falsone, 16/08/07

A Newspoll Survey commissioned by the Institute of Chartered Accountants in Australia (ICAA) has revealed that super fund members do not know how to use the vast array of super fund performance information now available to properly compare their super funds.

The survey revealed that 83% of people are using their super fund’s annual statement or annual report to review their fund’s performance. The bad news is only half said they compare the performance of their fund with that of other super funds.

Only 27% claimed to have conducted a proper annual performance comparison.

Just over half of the people surveyed said they swapped super funds, however not because of their dissatisfaction with their previous fund rather because they had changed employer. Only 18% said they changed their super funds because they were dissatisfied with the performance of their old fund.

It is important to review and compare your super fund. Just because your super balance has increased does not mean that it has performed well!