When was the last time you checked on the performance of your Superannuation?
The Australian Governments Prudential Regulation Authority (APRA) recently released the results from their first superannuation performance review1.
They have reported Superannuation assets now sit at a record $3.3 trillion2. Over time the superannuation industry has become large and complex and important to many peoples retirement.
APRA found 13 superannuation funds which failed their performance testing with over 1 million people in these funds affected. Each of these funds are required to notify their members of this result.
This should be a reminder that it is important for employees to regularly check their superannuation performances and for anybody found in an underperforming fund to start researching and consider switching.
With many people feeling superannuation is too complex to understand annual statements can often be ignored. This is understandable but over time this can be costly.
So when was the last time you checked on your super? Its never too late.
