25 July 2007 
 
While many Australians are reviewing the performance of their super funds through the superannuation fund’s annual report and/or their account annual statements, few are using the information to make comparative assessments against other super funds.  
 
These are the key findings from a national Newspoll of more than 700 Australians, which has been commissioned by the Institute of Chartered Accountants in Australia.  
 
The poll highlighted that the majority (83%) of those surveyed use their super account annual statement and/or their annual report to review the performance of their super. When checking their statement, the majority reviewed the account balance (97%) and fees (75%). 
 
However half of those surveyed had never compared the performance of their super fund with other funds and only one in four (27%) claimed to have conducted an annual performance comparison. 
 
While around half (51%) claimed to have moved money from one super fund to another, the majority of those who have moved their funds did it because they changed employer (73%). A further 19% moved money from their fund because of advice from their financial planner. Interestingly, only 18% changed super funds due to dissatisfaction with the performance of their fund. 
 
Hugh Elvy, Financial Planning and Superannuation Manager at the Institute of Chartered Accountants, said the survey indicated that people are interested in the performance of their superannuation fund and look at their annual statement but rarely do they compare it to other super funds.  
 
Mr Elvy believes this is probably a result of people not knowing how to compare one superannuation fund against other.  
 
“The performance of superannuation funds over the last three years has been very strong across the board, which is probably another factor influencing people to stay with their existing fund. They see the value of their super balance increasing, which they are pleased with, but are unaware of how that compares with other funds,” he said 
 
“I would encourage people to take a more active interest in monitoring their superannuation fund - for many people investing in their superannuation is the second largest investment they are making in their life. But remember, when comparing superannuation funds ensure you are comparing funds with similar asset allocation - compare like with like. It is important to remember performance is only one aspect to be considered when comparing funds.  
“Financial planners are equipped to provide people with advice in making such comparisons. When reviewing your current financial situation with your financial planner, part of that review should include an assessment of your superannuation fund,” Mr Elvy said.