Fund Regulatory Update

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APRA releases YFYS performance results

The Australian Prudential Regulation Authority (APRA) has released its very first test results from the MySuper Product Performance Test introduced in the Your Future, Your Super reforms.

Out of 80 MySuper products, APRA assessed 76 products with at least five years of performance data against the objective benchmark with 13 failing to meet the benchmark. That leaves 84 per cent of products passing the test.

APRA said in a statement that the trustees of the 13 products that failed the test now have a decision to make: urgently improve the product to pass next year’s test, or start planning to pass their members on to another fund that can deliver.

Trustees of the failed products must write to their members by late September advising them of this performance test outcome and provide the YourSuper comparison tool offered by the Australian Tax Office.

The products that failed the test are:

  • AMG Super - AMG MySuper

  • ASGARD Independence Plan Division Two - ASGARD Employee MySuper

  • Australian Catholic Superannuation and Retirement Fund - LifetimeOne

  • AvSuper Fund - AvSuper Growth (MySuper)

  • BOC Gases Superannuation Fund - BOC MySuper

  • Christian Super - My Ethical Super

  • Colonial First State - FirstChoice Superannuation Trust

  • Colonial First State - FirstChoice Superannuation Trust

  • Commonwealth Bank Group Super - Accumulate Plus Balanced

  • Energy Industries Superannuation Scheme-Pool A - Balanced (MySuper)

  • Labour Union Co-Operative Retirement Fund - MySuper Balanced

  • Maritime Super - MYSUPER INVESTMENT OPTION

  • Retirement Wrap - BT Super MySuper

  • The Victorian Independent Schools Superannuation Fund - VISSF Balanced Option (MySuper Product)