AUSTRALIA - The median Australian superannuation fund finished the year with a 15.1% return, but has yet to recover from the losses suffered during the global financial crisis.
Consultant Chant West said the median growth fund needs to gain a further 13.1% to return to pre-crisis levels.
Growth funds invest between 61% and 80% in growth assets and are the default option for most superannuation funds.
Chant West principal Warren Chant said there was a large disparity between the best performing and worst performing growth fund. Returns ranged from 2.9% for the year to 24.2%.
He said: "To a large extent, that reflects the way funds reacted towards the end of the 16 months of market decline from the end of October 2007 to the end of February 2009. Those that took the opportunity to re-allocate money to the worst hit sectors - mainly shares but also corporate debt and property - were effectively buying securities at ‘bargain' prices and so reaped the rewards when markets recovered, while those that were more cautious missed out."
Most people think it is right that savers take responsibility to protect from pension scams.
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
Alan Pickering says politicians should have the freedom to redefine what is meant by 'absolute'