Retirement
APRA releases MySuper heatmap
The prudential regulator has published its MySuper product heatmap, designed to increase accountability and transparency in the Australian superannuation system.
APRA releases MySuper heatmap
Released this morning, the heatmap will allow members to see underperforming funds and the areas they need to improve.
APRA deputy chair Helen Rowell said the heatmap was a major step forward for the industry.
“Australia’s superannuation system delivers sound outcomes for most members, but APRA is determined to weed out the industry’s underperforming tail,” Ms Rowell said.
However, the release of the heatmap has received mixed reviews from industry stakeholders.
Xavier O’Halloran, director of Super Consumers Australia, welcomed the change, believing members will be better off with the introduction of a transparent system.
“Trustees must answer why they should continue to exist, as those in the heatmap red zone have been serving up chronic underperformance for long enough.
“The only difference here is that we now have some transparency over who has consistently been at the bottom of the barrel for the last five years.
“It’s time for poor performing funds to look for mergers and stop inflicting any further harm on the retirement savings of Australians,” Mr O’Halloran said.
The Association of Superannuation Funds of Australia (ASFA) has urged industry stakeholders to proceed with caution following the release.
“Let’s be careful, however, not to jump to erroneous conclusions that may impact the entire category, or damage member outcomes with knee-jerk reactions from anti-retirement groups.”
ASFA CEO Dr Martin Fahy warned of the potential for unintended consequences from APRA’s methodology, particularly its decision to focus on the short-term three- and five-year performance of individual products.
“Achieving sound investment performance and broader member outcomes is a long-term journey, it’s not measured in terms of years, it’s measured in terms of decades,” Dr Fahy said.
“Australia’s superannuation system is ranked as the third best globally and, according to the OECD, has about the best investment returns and lowest costs charged to fund members anywhere in the world.”
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