Poverty is a tricky one in economics and social policy because there are different definitions of how much someone needs to be earning to be above the poverty line.īroadly speaking, those are relative poverty - i.e. If inflation has gone up 7,8% and wages have gone up 3, 4 % does this mean that poverty has gone up by the difference? and why is poverty not measured monthly like CPI, Gdp, or employment? We just published this list with the best and worst performing funds. It now wants a review of all super funds into this issue.Īre you an AustralianSuper customer? Have you been told you've got a double up issue? Send me an email on saga from AustralianSuper comes off the back of a general crackdown on fees in the super industry. It is alarming that such a major player is only discovering issues now.' 'We’ve never seen any public statement or actions from the regulators on this issue. 'The laws to encourage super funds to get rid of multiple accounts within their own fund are a decade old. 'It’s important we fix this problem across the super system, and getting funds to sort out intra-fund consolidation is the first step. '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.

In the Unlikely Event by Judy Blume