We passed the Your Future, Your Super Performance Test
September 9, 2021
New rules for superfunds were recently legislated as part of the Federal Government’s Your Future, Your Super reform package which was announced in the 2020-21 Budget.
These became effective 1 July 2021. Through these new rules the Federal Government seeks to increase efficiency, transparency and accountability in the super industry.
As part of these changes, you may have seen that some super funds were called out for underperformance. This means they failed the Your Future, Your Super investment performance test on their MySuper products which came into effect on 1 July 2021. By underperforming they failed to meet a combination of market benchmarks specified in legislation by more than 0.5% per annum, net of fees, over a seven year period.
We are pleased to inform you that TelstraSuper passed this annual test for the period to 30 June 2021, and our MySuper performance was higher than the minimum threshold by a comfortable margin.
Going forward, we will continue to carefully manage all the portfolios associated with our MySuper products with the objective of ensuring that we comfortably pass this test every year. The test is carried out on a net of fees basis, so the recent reduction in our administration fees from 1 July 2021 will assist in future years.
As always, our focus remains on building more secure financial futures for all our members through our commitment to strong long-term investment performance across all our products. We set objectives for all our investment portfolios, and we are proud to have repeatedly beaten these objectives over the investment timeframe.
We have also been performing well in the short-term and are delighted with our 2020-21 financial year results which place our Growth, Balanced and Conservative options in the top 10 performers in Australia . While we can’t promise that short-term returns will continue at these levels (past performance isn’t an indicator of future performance), we are glad to say that we continue to be positioned as a leading profit-to-member super fund.
Need help?
At TelstraSuper we’re here to help you build a secure financial future. You can get general and simple advice about your TelstraSuper account for no additional cost – it’s part of your membership. If you want more personal advice, you can make an appointment with Telstra Super Financial Planning . So call us today on 1300 033 166 or request a call back.