The average industry superannuation fund member is around $2,000 a year better off than their retail counterparts, according to Industry Super Australia (ISA).
ISA pointed to SuperRatings data that found that, on average, 16 industry super funds outperformed 77 retail super funds over a 10-year period after fees had been deducted from investment returns.
ISA’s ‘compare the pair’ model found that a sales representative with around $75,000 in super and earning the average salary in 2008 was around $2,000 a year better off if they had their super in the average industry super fund.
ISA director of public affairs, Matt Linden, said: “Using a net benefit, or after fee calculation, helps demonstrate to consumers how hard their fund is working for them after everything is taken into account”.
Linden noted the Australian Securities and Investments Commission’s (ASIC’s) new fee disclosure arrangements would not impact the model as the comparisons had been returns net of all fees and costs.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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