New super battleground emerges as churn hits $150m per day

Superannuation funds across the $3 trillion-plus retail and industry sector are scrambling to stem high levels of customer churn, totalling $150 million every day, after more than 1 million Australians switched providers in the past financial year.

The average super fund saw nearly 6 per cent of members leave to a rival provider in the year to June 30, a level of switching that has created problems for traditional industry and retail players. Their once-loyal members are departing for wealth management platforms, rival funds and even self-managed options.