Your employees’ financial futures are in good hands

Employer news
11 September 2023
by CareSuper

YOUR EMPLOYEES’ FINANCIAL FUTURES ARE IN GOOD HANDS

The results of superannuation regulator, APRA’s annual performance test have landed. As anticipated, our Balanced (MySuper) option passed the test.

What does this mean for you? As a CareSuper employer, you can be confident that you’re with a fund that operates with its members’ best interests at heart. 

APRA PERFORMANCE TEST EXPLAINED

To help fund members (and employers) have confidence that their super fund is a good performer, in 2021 the government introduced an annual investment performance test. Every fund that offers a default MySuper product must pass this performance test. This year, the test also applied to all Choice investment options. 

We’re pleased to share that all CareSuper’s investment options, that were included in the assessment, passed the test.

How the performance test works

The test compares the investment performance of a fund’s investment options against a benchmark. If a product underperforms the benchmark by more than 0.5% per annum over an 8-year period, it fails the test.

If a fund fails the test, it must inform its members that is has failed. Funds that fail two consecutive annual tests can’t accept new members until they pass the test.

CARESUPER IS A LONG-TERM TOP PERFORMER

The annual performance test is only one measure of a fund’s success. When assessing the success of your fund, the most important factor to consider is the fund’s long-term performance.

Our Balanced (MySuper) option has delivered an average return of 8.04% every year over the past 10 years, which puts us in the top 10 performing funds in Australia, according to independent ratings agency SuperRatings.*

Our Balanced (MySuper) option has also performed strongly over 15 and 20 years and was also in the top 10 funds over these time periods.

HOW WE SUPPORT YOU

We provide: 

  • You with a personal support team with our dedicated client partnership team.
  • Super education sessions for your team delivered in the workplace or online.
  • A streamlined super payment system. QuickSuper provides everything you need to make all your super payments from the one place, no matter which fund your employees are with. 
  • Keeping you informed of upcoming payment deadlines and super changes in our quarterly email newsletter, so you can ensure you meet your obligations.

Questions? 

If you have any questions or need support, remember we’re always here to help. You can contact your relationship manager or email us, and we’ll be in touch.