CSC response to Australian Financial Review article of 30 May 2018
A story appeared in the Australian Financial Review on Wednesday 30 May (titled ‘Super culture war erupts’) that included a table which listed the MilitarySuper scheme as one of the 10 worst performing funds over $10 billion.
We can assure our MilitarySuper members that the underlying causes of this underperformance have long been rectified. By all other measures – 5-year, 3-year and 1-year investment performance – the MilitarySuper scheme is a strong performer and above all its investment targets.
When CSC assumed management of the MilitarySuper scheme in 2011 it included a number of under-performing assets within its investment portfolio that had already impacted the overall performance of the scheme. In some cases the value of these impeded assets was written off. This action has had a direct impact on the ten year performance of MilitarySuper.
CSC has put in place an investment strategy for MilitarySuper to enable it to perform at a level consistent with all of CSC’s other strongly performing superannuation schemes.