Super funds should watch their commentary on self-managed super funds (SMSFs) and Media Super's $10k fine should serve as a warning, according to the SMSF Professionals' Association of Australia (SPAA).
The industry body referred to a $10,200 penalty incurred by Media Super for producing a potentially misleading advertisement disguised as a factsheet titled ‘Self-managed super? You be the judge'.
The ad, which appeared on Media Super's website and was sent out to all fund members, compared the costs and benefits of self-managed super funds (SMSFs) with the Media Super fund.
SPAA director for technical and professional standards Graeme Colley said the association had long been of the view that there was room for all superannuation sectors, and comparisons between them would be an "apples and oranges approach".
"Some funds may limit membership while others may provide a range of benefits in excess of what you want," Colley said.
"Why would you want to be a member of a fund that provides mainly pensions to members when you are in your 20s or 30s and have a long time to go before you retire," he added.
"On the other side, if you have retired a fund that provides the majority of its services to members in accumulation phase may not be the right fund for you."
According to Colley, for people to make the appropriate choice they need to get objective and unbiased advice from someone who has a broad knowledge of the superannuation industry.
"Your accountant or financial planner who has recognised skills in all types of superannuation funds is the best to assist," he said.
