From July 1 this year MySuper funds must notify members if the fund doesn’t meet an annual performance benchmark set by APRA.
On 31 August 2021, APRA notified the trustee of AMG Super that the AMG MySuper product made available through AMG Super ABN 30 099 320 583 (‘AMG Super’), had failed the annual performance test that was introduced by the Australian Government.
Members will be able to compare the fees and returns of all MySuper products using the Australian Government’s YourSuper comparison tool. Go to ato.gov.au/yoursuper for further information.
APRA’s annual performance test assesses the performance of MySuper products over the last seven years taking into consideration investment performance, administration and advice fees for a member with a $50,000 account balance. The test compares the returns other MySuper products delivered over the same period.
Products that fail this test are required by law to notify their members of the result.
You can find out more about superannuation at moneysmart.gov.au.