Superannuation league says worse is yet to come
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The Queensland branch of the Australian Pensioners' and Superannuants' League says prospective retirees should brace for continued devaluation of their superannuation funds because of the global credit crisis.
Figures from the research group Super Ratings show some funds lost as much as 16 per cent last financial year.
Policy coordinator Raymond Ferguson says it is inevitable that more people will put off retirement because of their fund's poor performance.
"[It is] absolutely devastating for them if they were planning to retire in the next 12 or 18 months," he said.
"I'm sure they'll have to rethink their position as far as retirement is concerned; they just won't be able to afford to [retire].
"I say this is not over yet - we haven't yet seen the end of the bottoming out of the shares and how that's affecting superannuation funds."
