Failing superannuation funds to be named & shamed
Michael is joined by Senator Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, regarding a new government initiative whereby failing superannuation funds will be named and shamed.
As part of the most significant changes to superannuation in nearly 30 years, the Morrison Government is holding underperforming funds to account and strengthening protections for the retirement savings of millions of Australians.
The outcomes of the first annual performance test for MySuper products have been published on the online YourSuper comparison tool.
Superannuation members can now access a single, trusted and independent source of information to compare superannuation products, including whether they are in an underperforming product.
From next year, the annual performance test will also be expanded to a wider range of superannuation products, providing more members with the assurance that their product is being held to the highest standards of accountability.
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