When asked to assess the quality of superannuation funds, 40 per cent answered their fund had performed as expected, while 23 per cent said performance was a little worse than expected and 17 per cent said it had been much worse than expected. This compares with the 10 per cent who regarded the performance of their fund as a little better than expected and the 3 per cent who saw it as much better than expected.

Overall, however, 42 per cent of respondents were fairly satisfied,
and 14 per cent very satisfied, with the performances of their funds. Patterson
said this outcome was probably due to a consistent message from funds and
government, emphasising long-term. “Communication is a part of the response.
But if [the downturn] is prolonged, you need a solution in the long-term,”
Patterson said. See ‘Providing your members the ultimate comfort’, page 26.