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Showing 1 - 10 of 34 results for "MySuper account"

AMP super class action finally hits court

JAMIE WILLIAMSON  |  TUESDAY, 27 MAY 2025
A class action that was filed against AMP for charging excessive superannuation fees is finally being heard in court, with the trial kicking off today. In 2019, following the Royal Commission, several law firms sought to commence class actions against ...

Age-based super strategies could add thousands to retirement savings

ANDREW MCKEAN  |  THURSDAY, 22 MAY 2025
... 80,000 members across various super offerings, estimated this would translate to an average uplift of $3200 per MySuper account holder. Russell compared the performance of its age-based MySuper solution, GoalTracker, to the superannuation industry's ...

How young Australians are missing out on better super returns

ANDREW MCKEAN  |  TUESDAY, 12 DEC 2023
Young Australians are missing out on higher superannuation returns by parking their retirement savings in default MySuper products, instead of exploring other investment options. Analysis of APRA data by Innova Asset Management revealed that an all-equities ...

More assets held in Choice over MySuper: APRA figures

ANDREW MCKEAN  |  MONDAY, 3 JUL 2023
... $192,000, and members already in their retirement years hold an average balance of $316,000. Of note, the average MySuper account holds $62,000. APRA publishes statistics on the superannuation industry on a quarterly basis, but under new reporting standards ...

OnePath fined over MySuper bungle

JAMIE WILLIAMSON  |  WEDNESDAY, 14 JUN 2023
... infringements relate to 125 default member contributions being incorrectly attributed to the member's Choice rather than MySuper account." "OnePath Custodians is committed to continuing to uplift its governance, compliance and risk management frameworks ...

Super assets rise to $3.4tn

KARREN VERGARA  |  WEDNESDAY, 24 NOV 2021
... last financial year, with the average fees paid by members now sitting at 1%. The 13.5 million Australians with a MySuper account currently pay less than $30 billion a year in fees after a year of reductions across not-for-profit and retail super funds. ...

Default MySuper fees drop to 1%: Rainmaker

JAMIE WILLIAMSON  |  WEDNESDAY, 20 OCT 2021
... last financial year, with the average fees paid by members now sitting at 1%. The 13.5 million Australians with a MySuper account currently pay less than $30 billion a year in fees after a year of reductions across not-for-profit and retail super funds. ...

Key advice reforms tabled

KARREN VERGARA  |  THURSDAY, 10 DEC 2020
New regulation that requires financial advisers to disclose conflicts of interest and stamp out fees-for-no service have been tabled in parliament. The Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020 aims to strengthen many ...

Retail superannuation funds grilled on member priorities

KARREN VERGARA  |  TUESDAY, 24 NOV 2020
... products is "very compelling". "As you get older your investment risks are dialed down and a greater weight of your MySuper account is allocated to more conservative assets like fixed income. There is less chance of losing money," he said. "But the strategic ...

MySuper funds face new test, member bans

KANIKA SOOD  |  TUESDAY, 6 OCT 2020
Any MySuper products that fail a new APRA-administered annual test twice in a row will not be allowed to receive any new members until they improve their performance. The prudential regulator will conduct benchmarking tests on the net investment performance ...
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