POWERED BY MOMENTUM MEDIA
Super funds need to improve document readability
Not one superannuation document from any super fund is easily read, according to research.
A report by writing consultancy, Ethos CRS found not one document came close to reaching its desired benchmark score of 100. The average readability score for 80 documents from 20 companies was 45.6.
CareSuper had the highest readability score at 49.4, followed by Hesta and AustralianSuper both at 49.2, and Cbus Super at 48.4.
Ethos CRS chief executive, Chas Savage, said: “These findings suggest that super funds still have some work to do if they are to engage clearly and effectively with fund members.
“The decision to invest with the right superannuation fund is important. All super funds face the challenge of delivering complex information to a diverse range of members – and levels of financial literacy vary widely. This means that super funds must be clear when discussing the financial services they provide, the performance of funds they manage, and the rights and responsibilities of fund members.
“Given so many Australians are neither advanced readers nor expert financial analysts, one simple step for super funds is to produce clearer, more readable content.”
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment