MoneySuper changes could boost accounts by thousands of dollars

01:31  10 january  2019
01:31  10 january  2019 Source:   msn.com

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Super changes could boost accounts by thousands of dollars© Provided by Nine Digital Pty Ltd Planned superannuation reforms would see Australians up to $533,000 better off.

Under a planned superannuation shake-up, Australians entering work could be up to $500,000 better off in retirement.

A Productivity Commission report to be handed to the federal government today argues that allowing new employees choose from a list of the top 10 super funds would add an average $165,000 to their retirement savings.

The document argues regulators should focus on the consumer and weed out under-performing funds.

But Labor has expressed concerns publishing the list would limit competition in the sector.

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Individual Retirement Account contributions are getting larger—an encouraging sign of a recovering economy and improved habits among retirement savers. IRA savers can make contributions anytime from Jan. 1 of a tax year up until the tax-filing deadline the following April. But Vanguard’s analysis

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Experts have estimated that the cost of being in an underperforming super fund can be up to $500,000.

Revoking the licences of superannuation funds that persistently underperform is among advice in the commission's report, The Sydney Morning reports.

Under one of the proposals, a fund would have up to 12 months to improve its performance if investment options did not meet their stated benchmark.

If that failed, the product would have to be withdrawn from the market and the super fund member moved to a better performing option.

The changes would begin from the end of next year for MySuper products.

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