Superannuation has taken yet another beating in the global financial crisis, with research conducted by Newfocus for Industry Super Network, indicating that Australians are becoming increasingly concerned about super fees and commissions.
The economic crisis is forcing Australians to tighten their purse strings, and as a result, 90 percent of those surveyed believe that their super funds should have lower fees, with 80 percent indicating that it is now more important than ever to belong to a super fund that does not pay commissions.
According to Industry Super Network executive manager, David Whiteley, there is a high level of concern about superannuation fees and commissions in the workplace.
“Fees and commissions are disguised to a degree when times are good and superannuation returns are strong. It is when times are tougher that the impact of fees and commissions becomes more obvious to superannuation members.”
He believes that measures now must be taken to address this concern.
“These new findings build the case for regulatory reform to address fees and commissions, which impact massively on individual superannuation balances as well as national retirement savings.”