To help members understand and compare super fund performance, superannuation research house SuperRatings has launched a new comparison tool.
The RateMySuper tool would be made available to super funds to help current and prospective members understand how their fund compared on a net benefit basis.
SuperRatings said the tool would add an extra degree of transparency and encourage funds to review their fee structure with a focus on ensuring value for low balance accounts and making meaningful disclosures to members.
The RateMySuper tool could be directly embedded onto the super funds’ website with full control over its look and feel.
SuperRatings executive director, Kirby Rappell, said when the pandemic hit, superannuation was there to provide stability, advice, and relief for Australians investing for their retirement.
“But the job is far from done; in this critical period, communicating the value of your fund’s offering is more important than ever,” Rappell said.
“As superannuation is front of mind for so many Australians, members are checking their balances and taking the time to assess the value they get from their fund.
“RateMySuper will make this process even easier and provide meaningful insights that members need.”