"The Productivity Commission found having unnecessary multiple accounts can leave someone over $50,000 worse off in retirement. "Paying extra fees and insurance premiums for more than one account really adds up," Rosie Thomas, Super Consumers Australia's deputy director says. The advocacy group for people with superannuation funds says the revelation by AustralianSuper is "alarming". "The Fund is taking appropriate remediation actions and has self-reported the issue to the regulators." "This should not have happened, and we apologise unreservedly to members," its statement said. It says both current and former customers impacted will be contacted in "coming months". That means it had members with multiple accounts under the fund who were potentially paying double the fees and insurance.ĪustralianSuper says it expectes to repay around $650 per impacted person. It says it did a review of how it manages multiple accounts, and found it had not eradicated all examples of double up. The fund manages almost $290 billion in retirement savings for 3.1 million Australians. Emilia from the ABC's business unit here bringing you some developing news on Australia's biggest super fund.ĪustralianSuper says it's going to refund an estimated $70 million to around 100,000 customers, who were being double charged fees and insurance costs.
0 Comments
Leave a Reply. |