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Members needs to be conscious that purchasers will likely be contacted instantly in the event that they maintain investments in funds that didn’t meet the superannuation efficiency check benchmarks. We encourage you to test the detailed APRA results, which embrace Trustee Directed Merchandise for the primary time, to make sure the funding continues to be in the most effective curiosity of your shopper. By 28 September 2023, fund members in failing merchandise will instantly obtain a prescribed discover from their fund setting out the truth that their fund/choice has failed and inspiring them to think about transferring.
The important thing outcomes of this yr’s outcomes embrace:
- 1 of 64 MySuper funds failed.
- 76 of 305 (25%) Wrap/Platform Trustee Directed Merchandise failed, representing $2.3bn of $19Bn of funds.
- 20 of 500 (4%) Grasp-trust Trustee Directed Merchandise failed, representing $1.7Bn of $341Bn.
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