AustralianSuper: Australia’s biggest superannuation fund is hit with massive bombshell

The business regulator is taking legal action against Australia’s largest pension fund, accusing it of engaging in practices that could reduce pension savings.

The Australian Securities and Investments Commission alleges that AustralianSuper, the manager of Australia’s largest super fund, failed to identify members with multiple accounts.

Those with multiple accounts end up having to pay bills multiple times, which ultimately reduces retirement savings over the decades.

ASIC Vice President Sarah Court said not merging multiple accounts into one would hurt customers of retirement age.

“Failure to merge duplicate accounts within a fund can have significant financial implications for members who end up paying multiple fees, eroding their retirement balance over time,” she said.

ASIC claims that between July 1, 2013 and March 31, 2023, 90,000 AustralianSuper members were affected, costing them a combined $69 million.