More than one million Australians who are members of underperforming super funds are being encouraged to switch where they invest their retirement savings. There are 13 funds which are being named and shamed on the ATO's comparison tool, as they hold up 50 billion dollars’ worth of retirement savings. Superannuation and Financial Services Minister Jane Hume says the underperforming finds “have said they are going to deliver something and have failed to do so”. "The performance test is based on their own asset allocation and very basic indices applied to the asset allocation,” Ms Hume told Sky News Australia. “The 1.1 million Australians that are members of those 13 funds will receive a letter in the next month, saying, ‘hey, what was written on the box wasn’t what we delivered’.” She said customers will then be directed to the online comparison tool on the ATO website to compare their fund to the 76 other MySuper products. “And they could compare performance and fees of those funds, and they can do so on the basis of their own balance too.”
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