New performance figures from APRA draw into question the banks’ lobbying efforts to change the industry super fund governance model, according to Industry Super Australia.
Analysis of annual APRA data shows that over the 10 years to 30 June 2016, industry super funds have delivered returns to members of 5.4 per cent, compared to retail and bank-owned super fund returns of 3.6 per cent, ISA said in a statement.
For public offer funds with reported 10-year returns, 13 of the top 15 are industry super funds, while all 15 of the bottom 15 performing public offer funds are retail funds, the statement said.
ISA chief executive David Whiteley said ISA analysis of the APRA figures underscored the absurdity of changing super laws to suit the vertically integrated business models of the big four banks.
“These performance figures are a timely reminder of the need to place public policy imperatives ahead of the commercial imperative of the banks,” Mr Whiteley said.
“Handing the default super system to the banks could ultimately mean many Australians will be forced to work longer or retire with less.”
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...