The 90’s produced a long drawn out parliamentary battle which eventually led to the introduction of choice of superannuation fund for employees. It has been a non event leading to complacency and indifference.

Choice of fund for super investment is a political football that wasn’t worth kicking. In the early 90s the classic public offer super fund , if they offered any member choice at all, and some didn’t, would allow a choice between capital guaranteed, capital secure and growth.

We have come a very long way since then with a significant number of companies offering superannuation to the public giving a very large number of choices. ING offer 81 investment choices from among 25 Fund managers, Colonial First State provides a choice of 110 different investment options from 43 different fund managers and MLC offers 32 investment options provided by 32 different managers.

I defy any non professional to make any sort of choice among these options without becoming very confused or immediately calling for professional help. Why the Government would want to further confuse the issue by insisting that employees be given a choice is a great mystery.

At least they have now gotten rid of the most inefficiently collected tax in the country – the Superannuation Surcharge – but some staff at the ATO are still issuing assessments for this tax ten years after the event.