MySuper? What MySuper?
A new survey has revealed that a significant majority of Australians simply do not know about the centre-piece of the Federal Government's Stronger Super policy changes — MySuper.
The survey, conducted by Suncorp, has coincided with the rush by superannuation funds to get MySuper products approved by the Australian Prudential Regulation Authority (APRA) — but confirms that three-quarters of those surveyed simply do not know what MySuper is.
The survey, which covered a sample of more than 2000 respondents, asked whether they were aware of MySuper, with 75 per cent answering "no" while 12 per cent were unsure and only 13 per cent answered "yes".
Perhaps ironically, the survey also revealed that respondents would probably welcome a low cost super option if they were actually aware of it.
Asked whether "a low cost simple Super option will help make super easier to understand", 59 per cent of respondents answered "yes", 13 per cent answered "no" and the remainder of respondents were unsure.
AUTHOR
Staff Writer
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
