LGsuper marks 50 years of supporting members’ futures
1 October 2015
Queensland local government super fund LGsuper is today celebrating its 50th anniversary as research confirms its members enjoy some of the highest fund satisfaction levels in the country.
When asked by independent researchers how satisfied they were with LGsuper, 97% of its members said they were happy, with 28% of members rating the fund as excellent, 49% rating it as good and a further 20% rating it as satisfactory.
The benchmarking study of more than 1,000 Queenslanders also found 78% of LGsuper members saw similar or greater financial returns from their LGsuper account compared to those of other funds. About 72% of respondents said LGsuper’s fees were below or similar to those of other funds.
While commissioned by LGsuper, the fund was not identified as the study sponsor to the randomly-selected participants, who were members of a range of funds across Queensland.
LGsuper Chair Bronwyn Morris said during the past 50 years, the fund had developed a strong track record of solid returns and flexible investment options, coupled with low fees and personalised service.
“For half a century, we’ve worked hard to create a fund that gives to our members quality, value-for-money products and services. We’re proud to hear members are reaping the rewards of this and securing their future,” Ms Morris said.
Results from the research had some surprising elements for the fund as it saw LGsuper outperform some of the industry’s bigger superannuation players. For example, members of retail funds were the least satisfied, with only 13% rating their fund as excellent. Other industry and profit-for-members funds fared better, with about 16% of their members rating these funds as excellent.
CEO David Todd said it’s clear from this benchmarking study that LGsuper members are enjoying the benefits of being with a super fund that really cares about their members’ retirement.
“In the ever-changing superannuation landscape, funds like LGsuper will play an even greater role in helping members achieve financial wellbeing.”
“Superannuation has evolved significantly during the past 50 years to a point where it is now the key determining factor in relation to Australians’ financial security in retirement. With an ageing population and greater longevity, it will be up to the industry to develop new products and services that better support Australians,” he said.
Founded in 1965, LGsuper is the super fund for current and former Queensland local government employees and their spouses. Today LGsuper looks after almost $9.5 billion in retirement savings for around 90,000 members.
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For more information please contact:
Matthew Hart / Celeste Greinke, BBS Communications, 07 3221 6711