The Australian Securities and Invesments Commission has been testing a piece of software that helps HNW consumers and others select the right pensions.

The so-called 'Choice Product Dashboard' has been in the works for two years so far and ASIC has now published a report on it in the run-up to 1 July next year when all registrable superannuation entity (RSE) licensees will have to include 'Choice Dashboards' on their websites. Most of the testers were not HNWs but people from all walks of life, with 29% of them having a superannuation balance of more than A$100,000. More than 86% of them said that they used the Internet a great deal, which fits the profile of the average HNW investor.

ASIC seems to want to include a retirement benefit estimator in the software programme. Someone who took the test wrote in the report: "an estimator that gives a quick estimate of the total at retirement is even more important for the average Aussie." Another wrote: “Superannuation companies enjoy the mystery, it gives them an edge. Imagine if the Government legislated that they had to present things in plain English!!”