Retail Super Members "Gouged" $1.8 Billion By Slow MySuper Transition

Industry Super Australian has accused retail and ‘bank-owned’ super funds of “gouging” up to $1.8 billion from superannuation fund members by slowing the transition to MySuper products.

Industry Super Australia says retail super funds will collect between $800 million and $1.8 billion in additional fees from super fund members by leaving default super fund members in legacy default products until required to transition.

Super funds have been allowed until July 2017 to transfer accounts in default investment options to MySuper products.

#Superannuation #Retail #Fund

Recent Posts

See All

ASIC Should Withdraw Its SMSF Factsheet

The Australian Securities and Investments Commission (ASIC) should withdraw its Self-Managed Superannuation Fund (SMSF) factsheet because it contains “an array of seemingly deliberate inaccuracies”, a

SMSFA Points To ASIC Fact Sheet Inconsistencies

The SMSF Association has criticised the corporate regulator’s focus on the risks of SMSFs in its mailout campaign targeting new trustees, saying the data sources used in its fact sheet are inconsisten