Superannuation fund members and trustees have both ranked investment performance, followed by competitive fees, as the most important aspects of a super fund, according to Mercer research.
The study, that surveyed more than 500 working Australians and 42 fund trustees, found that 38 per cent of fund members and 48 per cent of trustees and fund executives ranked a history of good investment performance over the past 10 years as the most important to them.
Meanwhile, 22 per cent of fund members and 12 per cent of trustees and fund executives ranked competitive fees as the most important to them.
The survey findings also indicated 43 per cent of fund members believe they are well aware of the fees and charges applied to their main superannuation fund, which indicates an opportunity for funds to build engagement by helping members understand their fees.
In contrast, only 18 per cent of trustees believed members were aware of the fees they pay, suggesting trustees and fund executives are greatly underestimating the level of knowledge members have in this area.
The survey findings highlighted the potential disconnect that fund trustees might have with their members, Mercer partner and financial advice leader Jo-Anne Bloch said.
"The importance of ensuring a robust education program is in place which is underpinned by sound member-specific research cannot be underestimated," she said.
"Having a clear understanding of what motivates and interests members, and what areas might need more attention will assist with the development of member engagement strategies. Members will stay with the superannuation fund that delivers value."
