Money magazine Comments - Australian Super sued over multiple accounts In a first-of-its-kind case, ASIC is taking Australian Super to court over its failure to properly monitor and consolidate multiple accounts on behalf of members for close to a decade. https://www.moneymag.com.au/feed/latest?story=179801210 Sat, 09 Sep 2023 17:57:40 +1000 Sat, 09 Sep 2023 17:57:40 +1000 en-AU Copyright 2026 Money magazine 5 Money magazine Comments - Australian Super sued over multiple accounts https://media.moneymag.com.au/prod/media/library/Money_Mag/Logo/Logo_401x133.png Comment by Bryan Macpherson ()

Time for those with self managed funds to "Compare the Two".

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]]> Bryan Macpherson () Sat, 09 Sep 2023 17:57:40 +1000 Comment by Vin Nguyen ()

I have had two super accounts with AustralianSuper since 2004 . In 5/2023 they merged 2 accounts into one without my knowledge or approval.

The total refund of $ 1317 consists of refund of admin. fees of $1032 and loss of investment returns of $285.

I would think management fees (proportional to total balance of two accounts) is much more than the admin fees.

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]]> Vin Nguyen () Thu, 14 Sep 2023 09:11:52 +1000