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The Productivity Commission has recommended a major overhaul of the $26 trillion superannuation industry, including the introduction of punitive measures against underperforming funds and eradicating multiple accounts.
The draft report, Superannuation: assessing efficiency and competitiveness, identified “unintended multiple accounts and entrenched underperformers” as “structural flaws” that “harm a significant number of members”, and found that one in three super accounts are unintended multiple accounts, costing “$2.6 billion a year in unnecessary fees and insurance”. PC deputy chair Karen Chester said the industry’s failings “cause great harm to young people, workers on low incomes and workers in and out of work … ”
Read here
The Saturday Paper
