Seniors press super funds on performance
Superannuation and the ageing of the population may be inextricably linked but the industry has been warned to ensure it retains the confidence of members and the community generally.
Performance, accountability and communication will determine member confidence, according to the National Seniors Association (NSA).
NSA chief executive Michael O’Neill outlined these concerns when addressing a major superannuation industry conference recently.
He said while there was greater attention on funds during the current downturn, the compulsory nature of superannuation required a continuing review of performance and
accountability.
“The industry needs to retain the confidence of the community that it is performing and effectively managing the funds that have been provided to them,” Mr O’Neill said.
“It is reasonable to ask how the industry has dealt with the global economic downturn. How effective have their investment responses been?”
He said superannuation was important as it would eventually replace the family home as the biggest investment in a person’s lifetime.
