MySuper

Class action filed against Colonial First State over MySuper transition

In yet another class action stemming from the Financial Services Royal Commission, Maurice Blackburn Lawyers have filed a class action against Colonial First State over its transitioning of members to MySuper products. It is alleged that super fund trustee duties were breached, causing “substantial losses to over 100,000 members over… Read More »Class action filed against Colonial First State over MySuper transition

‘Smart defaults’ for super could boost retirement savings by 35%

‘Smart defaults’ for super funds could boost annual super fund returns by 3.5%-4.5% per year, increasing balances at retirement by 35%. The Financial Services Council (FSC) says that new technology allows for individually tailored superannuation products, but the default MySuper system is not taking advantage of these opportunities. “Millions of… Read More »‘Smart defaults’ for super could boost retirement savings by 35%

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… Read More »Retail super members “gouged” $1.8 billion by slow MySuper transition