The government recently released a report on it’s review of the superannuation system. A number of issues were identified including prevalent high fees, unintended multiple accounts, chronic under-performance of certain funds and a lack of competition in the default fund system.
How does this affect me? Here are some simple tasks you can undertake:
- Regularly review your superannuation account(s)
- Consolidate multiple accounts to save on fees
- Review what insurance cover you have in your super fund
- Discuss how super impacts you and your tax with us
The full report and an overview are available on the Productivity Commission website.