CareSuper chief executive Julie Lander has warned there is a big difference between a member controlling their own money compared to administering their own fund.
The complexity of reporting, compliance requirements and high costs associated with self-managed super funds (SMSFs) could result in greater financial pressures for retirees.
"Many investors attracted to establishing an SMSF have little understanding of ongoing compliance costs and the severe fines they potentially face if they don't comply with a raft of complex regulatory requirements," Lander said.
Adviser fees pushed costs up even further, according to Lander.
"What brings this cost into question is that a majority of SMSFs are invested in cash, term deposits and Australian equities," she said.
"These investment options are available via CareSuper at a fraction of the cost."
The not-for-profit super fund launched a direct investment option last December in response to the needs of investors who did not want the burden of trustee obligations.
The ASX300 investment option will be expanded to include term deposits, exchange-traded funds and listed securities this year.
Other funds to incorporate direct investment options include Club Plus Super, AustralianSuper, legalsuper and Telstra Super.
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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