Crescent Wealth Super Underperformance – Your Future Your Super

APRA's annual performance test assesses the performance of MySuper and Choice products over the last eight years taking into consideration investment performance, administration, investment and advice fees for a member with a $50,000 account balance. The test compares the returns other similar products delivered over the same period. 

You can find out more about superannuation at moneysmart.gov.au 

APRA is required to conduct the annual performance test for relevant super products by comparing the 8-year rolling annualised returns of each product against APRA’s Strategic Asset Allocation (SAA) benchmarks. Three of Crescent Wealth Super’s investment options failed as the returns underperformed the applicable benchmarks by more than a government prescribed threshold.

However, it is very important to point out that the annual performance test used to assess relevant super products is based on benchmarks set by government, that do not take into account faith-based or ethical investment criteria, such as criteria associated with the Shariah-compliance principles underpinning the fund’s underlying investments.

Crescent Wealth Super members have experienced investment results for the year ending 30 June 2023 that we consider are aligned to the Shariah-compliant investment principles underpinning the fund’s investments.

The investment performance for each of the fund’s investment options for the last financial year was:

• 10.2% for the Crescent Wealth Super Balanced Global option,
• 9.4% for the Crescent Wealth Super Growth option,
• delivered 8.6% for the Crescent Wealth Super Balanced option, and
• 7% for the Crescent Wealth Super Conservative.

Please note that past performance for the one year period ending 30 June 2023 is not an indicator of performance in any future one year period or over the longer-term. The Trustee is required to provide 1, 5 and 10 year returns information (where available) in member statements, which will be sent to you in the near future.

No. Crescent Wealth Super is not closing. We are here for our members and proud to offer access to Islamic Shariah-compliant superannuation investments for the benefit of our members.

ETSL continually monitors the investment performance of the super fund, with the assistance of various service providers, taking into account the investment strategy and objectives of each investment option.

The fund is invested in Islamic compliant managed investment schemes run by Crescent Wealth Funds Management (Aust) Pty Limited (Crescent Wealth), who is also the promoter of Crescent Wealth Super. The investment team at Crescent Wealth seeks investment opportunities that provide the best possible Shariah compliant returns to help you build your superannuation balance for your retirement. The team conducts continuous research across different asset classes to optimise the strategic allocation of assets and hiring proven, high quality global fund managers. We have also made reductions in investment related fees and costs.

If you are invested in a Crescent Wealth product that has failed the performance test, Equity Trustees Superannuation Limited (ETSL) (as Trustee) is required by law to advise you to think about moving your money to another fund.

It’s also important to do your own research to familiarise yourself with the features of your super fund (including investment approaches and adherence to Shariah-compliant principles), and you might also consider obtaining financial advice to help you determine what’s best for your own circumstances.

In any case, your super is an important investment for your future, so you should regularly check your investments to learn more and see if they’re right for you.

It’s up to you. You should ensure you make an informed decision. To make an informed decision you should consider all the aspects of your existing super investment in the Crescent Wealth Superannuation Fund. In addition to considering investment performance, this might include, for example, the investment strategy (including adherence to Shariah-compliant principles) for your chosen investment options, fees and costs, available insurance cover and other member benefits available to you as set out in the current Product Disclosure Statement. You can find the latest Product Disclosure Statement (including Additional Information Booklet and Insurance Booklet) for the Crescent Wealth Superannuation Fund available from https://crescentwealth.com.au/help-centre/resources/important-documents or we can send you a copy.

You should also consider the Product Disclosure Statement and Target Market Determination for any other super product you might be interested in.

You should also consider your personal circumstances, financial needs and goals when making a decision.

We cannot provide you with financial advice. You can consider seeking financial advice from a professional financial adviser that takes into account your personal circumstances, if you think this would be appropriate. 

If you don’t have a financial adviser, you can refer to the government’s website moneysmart.gov.au >Tools and resources > Choosing a financial adviser to find out more about choosing a financial adviser.

The APRA annual performance test is part of the government’s Your Future, Your Super reforms introduced in 2020. The annual performance test gives you an idea of how super products are performing. The performance test assesses the returns of all MySuper products and certain Choice products (referred to as ‘trustee directed products’) offered by Australian super funds (relevant super products), net of fees and taxes, over the last eight years against a benchmark set by the government.  Choice products were required to be assessed by APRA for the first time in 2023.

The Australian Prudential Regulation Authority (APRA) is an independent statutory authority that supervises banking, insurance and superannuation institutions. APRA was established by the Australian Government in 1998 and aims to protect the interests of depositors, policyholders and superannuation fund members. Every year, APRA will administer the government’s annual performance test of relevant super products. You can find out more about APRA at apra.gov.au.

Three of Crescent Wealth’s investment options failed APRA’s latest performance assessment based on their eight-year investment performance up to 30 June 2023: Crescent Wealth Super Growth, Crescent Wealth Super Conservative and Crescent Wealth Super Balanced.

The eight-year performance for three of Crescent Wealth Superannuation Fund’s products - Crescent Wealth Super Growth, Crescent Wealth Super Conservative and Crescent Wealth Super Balanced - failed the annual performance test for year ending 30 June 2023.

As Trustee of the Crescent Wealth Superannuation Fund, Equity Trustees Superannuation Limited (ETSL) is required by law to send a notice to members of the Fund invested in one or more of the Crescent Wealth Super Growth, Crescent Wealth Super Conservative and Crescent Wealth Super Balanced investment options, informing them of the latest annual performance test outcome and to consider moving their money.

Your super is an important investment in your future, so it’s worth checking regularly to help make sure it’s right for you. 

At any time, you can explore the Fund’s investment options by signing into your super account online. You should also consider the latest Product latest Product Disclosure Statement (including Additional Information Booklet and Insurance Booklet) for the Crescent Wealth Superannuation Fund or obtain financial advice from a professional financial adviser. The latest Product Disclosure Statement is available from https://crescentwealth.com.au/help-centre/resources/important-documents or we can send you a copy.

You should also consider the Product Disclosure Statement and Target Market Determination for any other super product you might be interested in.