As a result of the above, more than one million Australians will be receiving a letter from their own super fund prompting them to switch to a fund that will be able to deliver and outlining their lack of performance. This letter will be mandatory for the 13 funds who underperformed.
So, who failed?
Managing over 700,000 super accounts, Colonial First State FirstChoice Superannuation and BT Super were the largest funds to fail the test. However, it won’t just be them who will have to face up to their discrepancies.
All 13 funds that were unable to deliver for their members, must write to their members before the 27th of September informing them of their poor performance. In this letter, they must also provide a report on the reasons for their underperformance and solutions for how they plan to fix it.
With that said, experts believe that these funds will eventually have to close shop or merge as pressure to perform from members increases and members opt to switch to funds that are able to achieve desired results.
What to do if you belong to one of the worst-performing super funds?
If you’ve found yourself belonging to one of the worst-performing super funds, don’t fret or worry too much yet. Fortunately for you, switching over to have your super managed elsewhere is not overly complicated. In fact, it’s a fairly simple process that our team at Mintwell Capital can help you with.
If you’d like to check out how Mintwell Capital’s Superannuation performed click here. Our efforts to ensure our client’s superannuation performs is one of the reasons people are choosing us to manage their super. As always, Mintwell strives to operate based on the values of transparency, integrity, and passion- values we know allow our clients to succeed and ultimately, grow their wealth.
Should you like to reach out to me personally, please click the link below and I’ll be happy to give you a call to discuss the process of switching over your super.
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