Australia’s five worst-performing super funds revealed | clancyyeates
The financial regulator has named five superannuation funds that failed its annual performance tests, and as a result four of these funds are no longer allowed to accept new members.
APRA said funds with 559,000 member accounts failed its performance test for the second year in a row.APRA said a MySuper product provided by Westpac-owned BT, a Westpac staff fund, and products from the Australian Catholic Superannuation Retirement Fund, Energy Industries Superannuation , and AMG Super had all failed the test.
The largest fund that has been forced to close to new members is the BT MySuper fund, which holds $21.1 billion in assets. Westpac’s super fund business, which includes the BT product, is set to merge with Mercer, while Australian Catholic Superannuation is merging with UniSuper. EISS is working towards a merger with CBus.
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