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Super is not always that super

The productivity commission estimates that choosing the right Superannuation Fund from the start will lead to a significant increase in your retirement balance. It suggests that the Government should publish a top 10 list so that workers have more information when choosing their superannuation fund.

This sounds great but we don’t all choose our super fund based on performance alone. The Government has put a big emphasis on insurance within super, and the best insurer within super may not be the best investment performer. So does a top 10 list really help?

Superannuation seems to mirror our lives, when we have a young family life and income protection insurance is really important to protect the here and now. But as we get older our focus changes to the ending balance, that retirement income stream that super is going to provide. I am not sure a top ten is the best idea, but more transparency from superannuation fund providers and making super more portable would be helpful.