Australia’s largest super fund has apologised and reported itself to regulators after inadvertently double charging members with multiple accounts.
AustralianSuper said on Friday it was setting aside $70 million to repay about 100,000 members an average of $650.
“AustralianSuper’s aim is to return these members to the financial position they would be in now if this hadn’t occurred,” the fund said in a statement.
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“This may include refunding administration fees and any insurance costs deducted from impacted members’ secondary account, along with lost earnings on these amounts.”
The super giant said it regularly scans the accounts of its nearly 3 million members — about one in eight working Australians — to combine multiple accounts held by a single member to save them extra fees.
But its processes missed some multiple accounts.
“This should not have happened, and we apologise unreservedly to members,” AustralianSuper said.
AustralianSuper had $258b in member assets under management as of last June 30.
It has been voted the most trusted superannuation brand 10 years in a row by Reader’s Digest Australia and is owned by the Australian Council of Trade Unions and employer peak body the Australian Industry Group.
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Source: 7News