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Retirement

Are profit-making super funds a concern?

By Killian Plastow
  • June 24 2017
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Retirement

Are profit-making super funds a concern?

By Killian Plastow
June 24 2017

Following an industry super fund lobby group’s findings that a majority of Australians were cynical of default super funds turning a profit, a poll of Nest Egg readers has indicated the general consensus for super as a whole is closer to 50/50.

Earlier this month, the Australian Institute of Superannuation Trustees (AIST) – which represents industry super funds – said 91 per cent of Australians believed default super funds should be not-for-profit.

Following the release of this data, which was compiled for AIST by Essential Media, Nest Egg asked readers if they were concerned by super funds making a profit.

Unlike the AIST’s data on default super, which had a clear preference for not-for-profit funds, Nest Egg’s poll found a nearer to even split.

Those who were concerned by super funds’ profit generation narrowly outnumbered those who thought it was okay, with a split of 51.8 per cent saying they were concerned and 48.2 per cent saying they weren’t.

Superannuation, Australian Institute of Superannuation Trustees, AIST, super funds, lobby group, industry fund, retail fund, retirement savings, retirement planning, wealth management

While the results for the broader superannuation sector still demonstrate a preference for funds that don’t make a profit, the margin is considerably thinner.

What is your stance on super fund profits, and why? Let us know in the comments below.

 

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