Let’s take a look at the five things I would evaluate in a superannuation fund to understand if it is really retirement-friendly.
As we explore the idea of retirement, for many, it’s the first time they have really become familiar with their superannuation fund’s services, and what they offer to help you navigate this huge step in life.
So today, let’s look at the five things I would evaluate in a superannuation fund to understand if it is really retirement-friendly.This is a no-brainer. We rely on our superannuation funds to generate a strong, diversified income stream that we can rely on. Assessing your super fund’s breadth of investments in listed and unlisted assets, and benchmarking their returns in retirement is not easy, but it’s important.
Other funds can offer you these types of products via external providers, like Generation Life and Allianz.A superannuation fund that generates high returns for their retirement-phase customers can still be an underperformer if they claw back their returns in high fees. So, it is important to assess the administration fees you are paying your fund.
Again, this is an area without public benchmarking, but research house Chant West reviews the administration fees on pension phase funds in Australia each year, and says that average fees on the top 10 funds over 10 years range from 0.1 per cent to 0.35 per cent on a balance of $250,000, the average balance for Australian super funds at retirement today.
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