Super fund ranks well
FOR the 11th year in a row, LGIAsuper, which serves almost 2000 members in Mackay, has achieved a Super Ratings ‘Platinum’ rating on its MySuper, Accumulation and Pension products.
This follows a rigorous review of funds across Australia by independent research firms Super Ratings and Chant West.
Super Ratings’ Fund Crediting Rate Survey also put LGIAsuper’s MySuper account in the top quartile for this financial year, as well as over the 10 years to November 2018.
Released monthly, the survey provides comprehensive coverage of superannuation investment performance for Australia’s major master trusts and not-for-profit funds.
Additionally, the fund’s Accumulation and Pension accounts were awarded ‘five apples’ ratings by Chant West, making LGIAsuper a ‘Highest Quality Fund’ for 2019.
Since the Financial Services Royal Commission put the superannuation industry in the firing line, some of Australia’s biggest funds have been criticised for “persistently underperforming”.
The effects were highlighted in a 2018 Productivity Commission report that found that an average employee’s superannuation account at retirement could vary by as much as 40 per cent depending on their choice of super provider.
Assessed against Super Ratings’ proposition of “value for money” for members, LGIAsuper fared very well across six criteria with judges citing “solid investment returns from a range of ready-made and single asset class options” as one of the reasons behind its high scores.
LGIAsuper CEO Kate Farrar said LGIAsuper’s focus on long-term performance and its member-driven approach were instrumental in the fund’s success and key reasons for its Super Ratings Platinum status and Chant West ranking.
“Managing people’s future security is a responsibility we take very seriously. When people choose LGIAsuper they are putting their trust in our investment philosophy,” Ms Farrar said.
“LGIAsuper invests in a range of businesses and public infrastructure, as well as liquid assets like shares, to produce consistent returns that are less vulnerable to politics and policy change.
“We look to public assets and property, like the Sunshine Coast Airport and Fitzroy River Macadamia Farm, to ensure that our investments are spread across different sectors and benefit the whole community. These are assets Central Queenslanders understand and trust. By helping to build their own worth, they are also helping to build our great state.”