New research: Industry super funds outperform bank-owned funds
Industry super funds have outperformed bank-owned retail funds by more than 2% over the last decade.
New findings released overnight by SuperRatings revealed industry super funds in the SR50 Balanced Option have consistently outperformed bank-owned super funds over the past ten years.
These funds outperformed bank-owned funds by 2.02% over three years, 2.16% over five years; 2.05% over 7 years; and 2.21% over the decade.
Industry Super Australia chief executive David Whiteley said, “These performance results reinforce why not-for-profit industry super funds are widely represented in the safety net of high performing funds listed in awards. The millions of Australians who entrust their retirement savings with an industry super fund can have faith that their fund is putting their interests first.”
The findings come at a good time for industry superannuation funds, as they work to fight the banks on their attempts to secure greater access to the super sector.
Whiteley warns that if the banks dominated the super sector as they do in the banking sector, millions of consumers could see a fall in super returns.
“The banks are quietly pressuring federal politicians to remove the laws that protect Australians who save through workplace default funds, if they succeed the super savings of millions of Australians could be at risk,” said Whiteley.
In its fight against the banks, Industry Super Australia this week launched an aggressive campaign warning consumers to keep bank ‘foxes’ out of the hen house via a 30-second television ad.
The ad portrays a politician opening the hen house cage to the waiting foxes with the tagline reading ‘banks aren’t super’.
If you’re not happy with your current superannuation fund, consider switching to an industry super fund which is run to benefit members instead of shareholders.