The interactive online YourSuper comparison tool will help consumers compare the performance and fees of their MySuper products and make better informed decisions.
“This measure may have slipped under the radar during the Your Future Your Super debate, but its impact will be a game changer in superannuation. Empowering consumers with quality decision making tools will level the playing field,” says Super Consumers Australia Director, Xavier O’Halloran.
“Consumers can now rank funds by net investment returns or fees, which are two very important factors when choosing a fund. When the underperformance test results are finalised later in the year, some funds will also be highlighted as having failed to add enough value to people’s retirement savings.”
The tool can be accessed through MyGov and the ATO website and will also allow people to enter in their current age and balance and consolidate any multiple accounts they have.
“This first iteration of the tool is easy to use and compares MySuper products, which are typically low-cost, simple options, which people are defaulted into. A greater pool of products will be included on 1 July 2022.”
“We’ll be monitoring how people use the tool as it is rolled out, and using any learnings to recommend improvements. There are important factors like risk and bundled insurance which we need to find simpler ways to talk to people about. At the moment the industry does a very poor job of this, so it will be an important research focus going forward.”
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