The SMSF Professionals’ Association of Australia (SPAA) has welcomed a recent report that revealed SMSF members were the most satisfied when compared to other super funds.
The Roy Morgan “Superannuation Satisfaction” report found the satisfaction rating of SMSF members was 71.9 per cent, followed by industry funds at 53.3 per cent and retail funds at 51.2 per cent.
SPAA chief executive Andrea Slattery said the report reflected the high level of satisfaction of SMSF members because they controlled their retirement savings.
“SMSF members are very engaged with their superannuation and take responsibility and costs to suit their own circumstances, another factor we believe results in the high satisfaction levels of SMSF members with their funds,” Slattery said yesterday.
Increased control and flexibility of SMSFs gave trustees the freedom to tailor their fund’s investment and costs to suit their own circumstances, she said.
“We also believe that SMSF members have higher satisfaction where they seek professional advice in meeting their obligations and forming their investment strategies, as this helps them achieve their retirement savings goals by utilising the expertise of specialised SMSF advisers, such as SPAA specialist advisers and auditors,” she said.
The research was conducted in the six months to 31 December 2013 and based on more than 30,000 interviews.