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What can I do about a poorly performing super fund?

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I am really unhappy about my super fund’s performance and the costs I pay which are way over one per cent but I don’t know what to do. My boss put me into a fund but I don’t think it is much good. What can I do?

Many super funds have had a bad time over the past few years and the most recent returns could be affected by the big fall in the stock market in August and September. These have since improved and many super members should be in for some better news in the next statement.

However, some funds have had shockers and many have also been charging too much for too little performance. I think you should go to www.superratings.com.au or www.chantwest.com.au and check out your fund and compare it to the best of breed on show on these websites.

You should be paying less than one per cent and there are plenty of good ones that tick the boxes on both costs and performance.

By the way, you’re entitled to switch funds nowadays but some employees are stuck in certain funds because of industrial awards. Ask your boss if you can switch funds, and if he or she can be trusted, it should be a simple process of selecting the fund you want and the new fund will help you make it happen.

Your super is so important and that’s why you should lower your costs and boost your performance. Complacency and ignorance could cost you hundreds of thousands of dollars when you eventually retire.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Tuesday, February 28, 2012

The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer, Roger Montgomery, Paul Rickard and Charlie Aitken the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.

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