APRA’s interim Quarterly MySuper Statistics report includes MySuper products’ fees, charges, costs incurred and net returns for the quarters ended September and December 2013 and March and June 2014.
After consulting with industry representatives about the publishing of data, APRA determined it would include most of the data submitted by registrable superannuation entity (RSE) licensees, after concluding it “should be publicly accessible”.
APRA member Helen Rowell said the statistics of the report provide a “central source of information” on MySuper products and support the broader “transparency objectives” of the Stronger Super reforms.
“Users of the statistics should of course remember that long-term performance is the key determinant of members’ retirement outcomes,” Ms Rowell said.
“As such, we recommend users exercise caution in drawing conclusions based on this interim performance data, which covers just four quarters,” she said.
The release of the quarterly report follows APRA’s legislative obligations to publish quarterly reports about MySuper products.
AIST executive manager, policy and research, David Haynes said the move to include all information within the report supports its call for full disclosure of fee information.
“Full disclosure of MySuper products will provide better transparency and comparability within the superannuation system,” Mr Haynes said.
“With so much focus on superannuation fees in particular, fund members need this data to make informed decisions,” he said.
