Despite strong performance in the 2020/21 financial year, our MySuper product’s default investment strategy did not meet the 2020/21 annual performance assessment benchmark*.
No other EISS Super products were required to be assessed this year.
For our MySuper product the assessment was based on a combination of returns from our Conservative Balanced option (from 1 July 2014 to 18 November 2019) and our Balanced option (from 19 November 2019 to 30 June 2021).
While we cannot change our past performance, now that there is a legislated benchmark in place, we will aim to meet it in the future – while continuing as always to put our members first.
In May 2020, we made changes to some of our investment processes which improved our comparative performance across all our investment options. In the 2020/21 financial year all our investment options performed above the industry average^, including our current Default investment strategy for our MySuper product (Balanced (MySuper)) which returned 17.7% for the year#.
Longer-term comparative performance will take a little longer to turn around, but we’re confident that the changes made will allow us to continue to provide members with strong returns in the future while also protecting retirement savings from unnecessary risk.
* A copy of APRA’s determination is available here
^ The super industry average is based on the median return from Super Ratings, Fund Crediting Rate Report, June 2021
# Please note: Past performance should not be regarded as an indication of future performance
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