Catholic Super has found itself in the under performing superfunds category according to APRA.
APRA has revealed the 13 worst Superfunds MySuper products for 2021. The annual performance test was introduced with the “Your Future, Your Super” reform package. The reforms create an annual performance test for MySuper (default) SuperFund products with the goal of removing under performing funds.
You read about the full list of 13 under performing super funds in 2021 on our blog.
The “Your Future, Your Super” initiative requires under performing funds to inform their members of their performance and inclusion in the under performing category. Catholic Super will now be responsible for contacting all their members an informing them of the result. If you’re a member of Catholic Super you should expect to be contacted.
If you are informed that you are in one of these under performing funds, it could be a good time to switch to a better performing fund. Note, the APRA performance test only applies to MySuper products within these SuperFunds. MySuper products are default funds, so if didn’t actively provide your super fund to your employer, you’re likely in a MySuper product. Not all MySuper products are bad, but if you’re in an under performing MySuper product, it’s a good idea to investigate the details and compare your funds performance and benefits to other superfunds in the market.