Industry Super Australia (ISA) will work with the Federal Government to further improve the Your Future, Your Super performance test after further changes were announced.
In a positive move the government has increased the testing assessment timeframes from eight years to ten, which better reflects the long-term nature of super fund investments.
But concerningly Choice products will almost certainly have a higher administration fee benchmark than MySuper funds and products sold via a retail platform will likely have an even higher fee benchmark still. Many members will be left in the dark about the excessive fees some of these products charge.
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