The Financial Planning Association (FPA) has advised that fund performance data recently released by the Australian Prudential Regulation Authority (APRA) should not be the only basis for determining which superannuation fund to use.
The FPA has called for a more informed debate on the merits of selecting different superannuation funds following the release of APRA’s performance statistics, which are dated over a year ago.
Australians benefit from a choice as to which superannuation fund or structure they would like to use, according to FPA chief Jo-Anne Bloch.
“Choice and competition are critical and they are very much in play at the moment,” Bloch said.
“The role of the financial planner is to select the right product or superannuation structure to suit their client. If one particular product doesn’t stack up, don’t blame financial planners,” Bloch advised.
She pointed out that a lot has happened since APRA’s results dated June 30, 2008.
“Just ask some of the funds that were on the top of the tables last year but this year find themselves at the bottom of the tables, thanks to a particular investment style,” Bloch said.
