Self managed super a popular choice
One out 10 members of superannuation funds would change funds if they had the right to do so, research released at the Association of Superannuation Funds of Australia found. The research, by ANOP found that 10 per cent of fund members were “genuinely likely” to change funds when the superannuation choice of fund regime comes into force in July 2005. Of people in retail funds, 13 per cent said they were likely to switch, compared with 11 per cent of industry fund members and 7 per cent of corporate fund members. Only 3 per cent of people in public sector funds thought they would change funds. Those most likely to change are members of bank and insurance company managed retail funds, rather than members of corporate or industry funds. Most thinking of changing fund would want to change to a self-managed super fund. One quarter had “considered” starting a self managed super fund, but only 5 per cent had done so.