Don’t Go Changing

Question


Hi Scott,

In last Sunday’s column there was a paragraph that read “Scarface Claw is in this instance OnePath/ANZ … who have some of the worst performing Super Funds”. I have to say this scared the hell out of me as I have just done a transition to retirement with this specific fund you mentioned. I am 65 now and am topping up my Super with some of my pay other than the work contribution. Should I be concerned, or ride it out?

Wendy

Scott's Answer


Hi Wendy,

Your email reminds me of a friend of mine who married an ocker knockabout Aussie bloke who spends his free time sitting on the couch, drinking beer, and watching sport. She’s still holding out that one day she’ll arrive home from work and he’ll be watching the Bachelor, and drinking a bottle of Kombucha. It ain’t going to happen.

Similarly, ANZ/OnePath have consistently topped the FatCat Fund list of having the worst performing funds. Every year, for the last seven years! According to StockSpot, who compile the data on funds, they control almost a third of the worst 40 performing funds.

Faced with this dubious award, year after year, you’d think that ANZ would have woken up to themselves, and stopped picking the pockets of their customers with high fees. They haven’t.

Scott