Five super funds representing 603,000 members and $27.8 billion in assets have failed the prudential regulator’s second-ever annual performance test.
The largest fund to fall foul of the annual assessment – for a second straight year – was the Westpac-owned BT Super MySuper product, which has $21.2 billion in assets. BT is now banned from accepting new members into this product.
All five failing funds will be forced to tell their members they are in an underperforming product by September 28, and urge them to move their retirement savings elsewhere. “Pleasingly, almost 96 per cent of MySuper superannuation members are now in a performing MySuper product, equating to 13.1 million member accounts.
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