Advertisements
Australians with an average salary lose more than $ 200,000 during their working life if they keep their savings in a bad pension management fund. Online investment advisory group Stockspot has analyzed 600 products from the 100 largest super funds in Australia

Revealed: the superannuation funds cost YOU money – and they can make you $ 200,000 worse by the time you retire

  • Online investment consultancy Stockspot analyzed 600 super products
  • In the worst funds, a 35-year-old employee could lose $ 200,000 on retirement
  • Bad super funds charge twice as much – 2.07 percent versus 0.93 percent
  • ANZ and AMP were considered the worst fat cat funds, followed by Perpetual
  • MLC and Zurich also made superannuation list of shame about fees, poor returns
Advertisements

Australians with an average salary lose more than $ 200,000 during their working life if they keep their savings in a bad pension management fund.

Online investment advisory group Stockspot has analyzed 600 products from the 100 largest super funds in Australia.

It found that a 35-year-old full-time employee who earned $ 78,000 a year, or slightly less than average, would lose $ 200,670 by the time they retired at 67.

Australians with an average salary lose more than $ 200,000 during their working life if they keep their savings in a bad pension management fund. Online investment advisory group Stockspot has analyzed 600 products from the 100 largest super funds in Australia

Advertisements

Australians with an average salary lose more than $ 200,000 during their working life if they keep their savings in a bad pension management fund. Online investment advisory group Stockspot has analyzed 600 products from the 100 largest super funds in Australia

That was based on someone who now had a superannuation balance of $ 56,732.

The worst pension funds charged more than twice the best pension saving products.

Poor funds charged annual costs of 2.07 percent on average, compared to 0.93 percent for the best funds.

ANZ / OnePath had the dubious honor of being named the worst Fat Cat Fund, with 27 percent of its products in the worst 40 category compared to 25 percent last year.

ANZ is now at the top of the list of worst funds for the seventh consecutive year, with 11 of its products considered to be fat cat funds.

AMP shares this gold medal of shame and also has 11 products on the list of fat cats.

It found that a 35-year-old full-time employee who earned $ 78,000 a year, or slightly less than average, would lose $ 200,670 by the time they retired at 67
Advertisements

It found that a 35-year-old full-time employee who earned $ 78,000 a year, or slightly less than average, would lose $ 200,670 by the time they retired at 67

It found that a 35-year-old full-time employee who earned $ 78,000 a year, or slightly less than average, would lose $ 200,670 by the time they retired at 67

Perpetual won the silver prize for bad funds, with four products on this list.

MLC and Zurich won the bronze prize with three funds in the Fat Cat category.

WORST SUPER FUNDS

ANZ / OnePath: 11 products on the Fat Cat Funds list

Advertisements

AMP: 11 products

Perpetual: four products

MLC: three products

Zurich: three products

Source: Stockspot analysis of 600 products from 100 largest funds

Advertisements

Stockspot has assessed super funds for their performance, after costs, compared to other super options with a similar risk for five years.

Now that Australians have locked up $ 2.9 million in super savings, Stockspot chief executive Chris Brycki said they could not afford to be complacent.

& # 39; By shedding light on both the best and worst super funds, we hope to bring about some change, & # 39; he said.

At the other end of the spectrum, QSuper, the superannuation fund for Queensland officials, was the best-performing player that eliminated the Gold Fit Cat Fund for the fifth year in a row.

It also had five products on the fit cat list.

Advertisements

UniSuper won the silver medal and had six products on the honors list.

Australian Super won bronze with four high-quality products.

QSuper, UniSuper and Australian Super all had compensation of less than one percent, with an average of 0.76 percent.

. [TagsToTranslate] Dailymail