A SuperRatings report revealed Australian superannuation funds regained momentum after falling to 0.6per cent in September, with the median balanced option charting a 1.2 per cent rise for the month of October and making the median return for the financial year to date to 2.9 per cent.
This is up from 1.6 per cent at the end of September, with returns over the 12 months to 31 October 2014 now sitting at 8.5 per cent.
Despite returns for calendar year 2014 remaining positive, at over 5 per cent, SuperRatings projected a fall for November, with the S&P/ASX200 recording a 2.9 per cent loss for the month to date.
SuperRatings expects the median fund to have experienced a 0.4 per cent drop in November so far.
The major driver of returns in October was Australian superannuation fund's weighting to Australian shares, seeing the median Australian Shares option rising 3.5 per cent, compared to a 4.4 per cent rise in the benchmark S&P/ASX 200 Index.
The top performing balanced option funds over the last 5 years to October 2014 were Kinetic Super with 9.5 per cent and AustralianSuper, REST and Telstra Super Corp Plus all with 9.2 per cent growth.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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