ASIC and APRA released a joint review about how well superannuation funds are helping their members transition into retirement.
The report found that superannuation funds haven’t been meeting their obligations and have mostly ignored their members’ needs.
An ASIC commissioner commented on the report, saying:
“Most funds had done little more than create a pretty document about their retiree strategies and showed insufficient urgency and progress in improving support for members.”
The report also found that superannuation funds haven’t been gathering enough data for members to make informed decisions about their retirement plans.
For example, AustralianSuper was highlighted in the report for focusing more on charging member fees than on helping their members. This resulted in over $70 million in unnecessary fees charged to over 100,000 members.
The report also revealed that around five million Australians who are retired or close to retirement have less than $200,000 in their superannuation accounts.
If you’re looking to retire comfortably and have enough money in your super to support your retirement lifestyle, have you thought about investing in property through SMSF?