ID :
22196
Wed, 10/01/2008 - 20:39
Auther :
Shortlink :
https://oananews.org//node/22196
The shortlink copeid
Few super enquiries, says fund boss
(AAP) Australians have taken a surprisingly sanguine approach to their superannuation savings in the face of the global financial market turmoil, says the boss of the nation's largest super fund.
Australians' super savings have been crushed by the financial slump, with experts
predicting an average loss of 12 per cent on balanced funds for the year to
November.
However, AustralianSuper chief executive, Ian Silk, said there had been surprisingly
few enquiries from members regarding the impact of the financial crisis on savings.
He said AustralianSuper, Australia's largest super fund with over 1.4 million
members, had recently increased staff numbers expecting around a 60 per cent
increase in the number of enquiries but that call volumes were flat compared to this
time last year.
"Overall a relative sanguine approach [from members] and that is certainly the case
with our call centre," Mr Silk said at an Australian Industry Super Trustee (AIST)
lunch in Sydney.
"Call numbers have almost been exactly what they were last year and that is a very
surprising outcome."
Catherine Wood, trustee director for both CARESuper and Australian Government super
trust, AGEST, said there had been some movement within the funds but low levels of
enquiries from members.
"Our members have certainly been concerned over the last six to eight months and so
there has been movement within the funds in terms of member investment choice.
"But we haven't had an overwhelming flood of calls in the last week."
Ms Wood said she believed that super fund members were aware that there was no cause
for panic.
"Members have had this story coming out since January of not good markets and [are
aware of] the fact that you don't panic and bail out but that you should stick with
it and that it's an investment for the long term."
But Jeff Bresnahan, founder of independent research centre SuperRatings, said he
believed that many people were still in the dark about super funds.
"The majority of our members are still apathetic and uneducated as to where their
money is invested," he said.
"It would be great if people actually understood it is their money and it is
invested in a certain way and they can move funds around if they're not happy with
it."
Australians' super savings have been crushed by the financial slump, with experts
predicting an average loss of 12 per cent on balanced funds for the year to
November.
However, AustralianSuper chief executive, Ian Silk, said there had been surprisingly
few enquiries from members regarding the impact of the financial crisis on savings.
He said AustralianSuper, Australia's largest super fund with over 1.4 million
members, had recently increased staff numbers expecting around a 60 per cent
increase in the number of enquiries but that call volumes were flat compared to this
time last year.
"Overall a relative sanguine approach [from members] and that is certainly the case
with our call centre," Mr Silk said at an Australian Industry Super Trustee (AIST)
lunch in Sydney.
"Call numbers have almost been exactly what they were last year and that is a very
surprising outcome."
Catherine Wood, trustee director for both CARESuper and Australian Government super
trust, AGEST, said there had been some movement within the funds but low levels of
enquiries from members.
"Our members have certainly been concerned over the last six to eight months and so
there has been movement within the funds in terms of member investment choice.
"But we haven't had an overwhelming flood of calls in the last week."
Ms Wood said she believed that super fund members were aware that there was no cause
for panic.
"Members have had this story coming out since January of not good markets and [are
aware of] the fact that you don't panic and bail out but that you should stick with
it and that it's an investment for the long term."
But Jeff Bresnahan, founder of independent research centre SuperRatings, said he
believed that many people were still in the dark about super funds.
"The majority of our members are still apathetic and uneducated as to where their
money is invested," he said.
"It would be great if people actually understood it is their money and it is
invested in a certain way and they can move funds around if they're not happy with
it."
