Industry Super Australia (ISA) believes the Governments Your Future, Your Super performance test contains deficiencies that are not in the best interests of all superannuation fund members but only funds that meet and exceed the test will continue to participate in its marketing campaign.
ISA chief executive, Bernie Dean, said it was in all super fund members’ best financial interests to be connected to a fund that met and exceeded performance tests.
“ISA notes that the performance test recently introduced by the Government contains deficiencies that are not in the best financial interests of all super fund members and that will lead to outcomes inappropriately favouring some funds over others. This is a matter that ISA will continue to seek to have remedied,” Dean said.
“In relation to the Industry SuperFund marketing campaign, the board has decided that only funds that meet and exceed the performance test will continue to participate in the campaign.
“Members can continue to trust that the Industry SuperFund symbol is the mark of a quality fund with good long-term performance and low fees.”