In a submission to Assistant Treasurer Arthur Sinodinos, The Actuaries Institute has resumed calls to expand the information required for the proposed MySuper Product Dashboard.
According to the actuarial body, current proposals are flawed and have the potential to mislead members of superannuation funds and could lead to poor long-term decision-making.
It said members with low account balances would be particularly susceptible to misinformation resulting from a net investment return which had administration and advice fees deducted.
The Institute said despite its warnings to the former Government regarding the standard, the measure had been retained for no other reason than it was "government policy".
A long-term risk metric was needed to prevent members from mis-choosing a Low Risk option when a higher risk option could provide better retirement outcomes.
Average Weekly Ordinary Time Earnings (AWOTE) was a better measure of inflation than the Consumer Price Index (CPI), according to the Actuaries Institute, as it better related to retirees' spending needs.