13 worst superannuation funds compelled to fess up to one million customers
Data from the first annual performance test of Australian superannuation funds has been loaded into the Australian Tax Office’s comparison tool.
Minister for Superannuation, Financial Services and the Digital Economy Senator Jane Hume told Deborah Knight of the 76 funds assessed, there are 13 underperformers holding $50 billion of Australians’ retirement savings.
In addition to being named and shamed by the online tool, the funds will be required to send a letter to their customers, approximately one million of them, informing them of their failure to meet expectations.
“What we’re doing is hauling the performance of super funds out of the shadows, and bringing them into the bright sunlight of accountability.
“Now we’re ensuring that super funds can be compared apples to apples, on the basis of performance and fees, so that people can make a really informed choice.”
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