Keep your eyes peeled for a report likely to appear in the financial sections of newspapers over the next few days for a report from superannuation research outfit Chant West that suggests industry super funds have been exaggerating their returns over bank-owned retail funds. Crikey understands that the report, which will be released on Monday, claims that the difference between industry super funds and retail super funds (most of which are owned by the big four banks or AMP) has been exaggerated — readers might recall those “compare the pair” ads. But industry sources say it doesn’t include commissions paid to financial advisers as part of its methodology, thus boosting the standing of the banks’ super funds, and is off-kilter with the way other super ratings agencies measure returns. So who paid for the report? We’ll have to wait and see.
Superannuation smoke and mirrors
Can you believe all you read in newspapers?