Today’s release of the APRA MySuper Heatmaps reveals continuing strong performance by superannuation funds, said the Association of Superannuation Funds of Australia (ASFA).
“The performance of MySuper products during these challenging times is pleasing and reflects the funds’ focus on member outcomes, fee reduction, risk management and investment returns,” said ASFA CEO, Dr Martin Fahy.
ASFA is however concerned about the regulator’s comments regarding sustainability.
“APRA’s use of net cash flows as a measure of sustainability is misguided. The purpose of the superannuation system is to pay out pensions in retirement, not hold on to the money in perpetuity.
“As the number of people with more superannuation as they head into retirement increases, so too will the amount of money paid out of the system. And that’s a good thing. It demonstrates the system is working.
“Australia’s superannuation funds are unquestionably financially strong and this has been demonstrated by their robust performance in the face of strong headwinds and resilience to external shocks,” concluded Dr Fahy.
For further information, please contact:
ASFA Media team, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.
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