We are delighted to report that all AvSuper investment options have passed the assessment in FY 2023.
The Your Future Your Super legislation was passed on 27 June 2021. The legislation includes an annual performance assessment for all MySuper products and in 2023 was expanded to all Trustee Directed products (which are effectively the Investment Choice products made up of two or more asset classes).
The MySuper assessment only considers MySuper products, such as our Growth (My Super) option.
It compares the performance of each MySuper option against a benchmark set by the government, based on the Strategic Asset Allocation reported by the fund.
How has AvSuper performed?
The AvSuper Growth (MySuper) option has passed the assessment this year for the nine-year assessment period to 30 June 2023.
The test was expanded to all Trustee Directed options in 2023. All applicable AvSuper options were assessed as passing the test.
What happens next?
The assessment is applied each year. If a MySuper or Trustee Directed option is assessed as underperforming in two consecutive years, that option must be closed to new members.
It’s unlikely that this will affect AvSuper, as we plan to complete the merger with Australian Retirement Trust in April 2024.
Having said that, we will of course take appropriate steps to pass the assessment each year.