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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

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