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Industry super funds keep satisfied members

07 June 2016 4:31PM
Roy Morgan's report on satisfaction with financial performance of superannuation in Australia for the six months to April 2016 shows industry funds are still way in front of their retail competitors. And among the retail funds, Macquarie and Mercer rank well in front of a field that includes funds associated with the major banks, along with Suncorp and AMP.On Roy Morgan's measures, industry funds increased their satisfaction level over the last 12 months by 1.5 percentage points, while retail funds showed a small decline of 0.1 percentage point. Industry funds have now enjoyed higher satisfaction than retail funds every month since the survey began in 2002, said Roy Morgan."Satisfaction with superannuation increases with amount held, with both industry and retail funds scoring best among people with balances of $700,000," the report noted.The biggest lead in satisfaction that industry funds have over retail funds is among people with balances between $100,000 and $250,000, where they are ahead by 8.5 per cent points (67.7 per cent vs 59.2 per cent). However, the industry fund advantage is not limited to small balance holders. At the top end, for balances over $700,000, satisfaction with industry funds is 84.0 per cent, well ahead of retail funds on 78.0 per cent. "The fact that industry funds are achieving higher satisfaction than retail funds at the top end represents a challenge for retail funds," observed the report.Among the major best performer of these funds is Catholic Super with 77.3 per cent satisfaction, followed by Cbus (67.6 per cent) and HESTA (67.5 per cent).

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