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Are profit-making super funds a concern?

Are profit-making super funds a concern?

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

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.

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.

 

Are profit-making super funds a concern?
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