Super funds have been working for themselves when they should have been working for us. That’s about to change

Have you ever wondered why your super fund rarely sends you mail?

It could be because it is one of the 36 funds that perform badly, or one of the six funds that perform extraordinarily badly. As of mid last year, those six funds managed the retirement savings of 900,000 Australians.

Not that you would know it from their communications. The wonder of a system that pours a fresh 9.5 per cent of your salary into super each year is that your fund is able to show an upward graph of the amount you’ve got saved even if it is managing those savings badly. You might think it was performing well.

Or your fund might have a more straightforward reason for avoiding mail.

The head of Australia’s biggest super fund, Australian Super, with 2.4 million…