The Federal Government’s Super System Review is said to have been shocked by the figure of more than $13 million daily being drained from retirement savings because of under-performing retail superannuation funds and commissions paid to financial planners. This is the latest worrying fact to be put before the year long Canberra enquiry which is soon to start finalising its recommendations on how the one trillion dollar super industry is to be restructured.

The first detailed study of our self-managed superannuation fund sector has found that most funds contain between $200,000 and $500,000 in shares and cash deposits, and funds with less than $50,000 are the lowest performers.