MenuMembers should be aware that clients will be contacted directly if they hold investments in funds that did not meet the superannuation performance test benchmarks. We encourage you to check the detailed APRA results, which include Trustee Directed Products for the first time, to ensure the investment continues to be in the best interest of your client. By 28 September 2023, fund members in failing products will directly receive a prescribed notice from their fund setting out the fact that their fund/option has failed and encouraging them to consider moving.
The key outcomes of this year’s results include:
- 1 of 64 MySuper funds failed.
- 76 of 305 (25%) Wrap/Platform Trustee Directed Products failed, representing $2.3bn of $19Bn of funds.
- 20 of 500 (4%) Master-trust Trustee Directed Products failed, representing $1.7Bn of $341Bn.
