Industry superannuation funds have gained the most from people switching funds, according to the latest report from Roy Morgan Research.
During the 12 months to June 2007, industry funds net share of switching was 4.2 per cent higher than any of the major retail funds.
The nearest retail institution to benefit from switching was the Commonwealth Bank/Colonial First State which had a net gain of 1.9 per cent.
AMP had the lowest net share of switching, at -4.1 per cent, according to the report.
The research showed that satisfaction with the financial performance of superannuation rose to 62.2 per cent in the six months to June 2007, an increase of 4.2 per cent from the six months to June 2006.
"People are increasingly recognising that industry superannuation funds are low cost and have delivered higher investment returns. Our members are also recognising these factors and are choosing to stay with us," Industry Super Network executive manager David Whiteley said.
According to SuperRatings, the three top performing superannuation funds for the September quarter were industry funds.
However, Whiteley warned that the real test would come when returns are weaker.
Indeed the Roy Morgan report noted that those people who were dissatisfied were around six times more likely to intend to switch products than those who were satisfied.
