Super suffers 5.1% losses in Sept

SUPERANNUATION default funds lost 5.1 per cent during the September quarter as global equity markets sold off, making it the worst quarterly performance since the peak of the credit crisis in 2008.

The funds now need to grow by 11 per cent to return to their pre-global financial crisis (GFC) highs achieved in October 2007.

That task will take at least a year, assuming they meet annual performance objectives set out in product disclosure statements, research firm Chant West says.

Default funds are used by 80 per cent of Australians.

They are funds nominated by employers to receive super guarantee contributions when employees do not select their own funds.


Topics:  superannuation

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