AustralianSuper Admits To Mistakenly Overcharging Members
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As we grow older, retirement becomes an inevitable reality that many of us look forward to. After years of hard work, it's only natural to want a comfortable and fulfilling retirement. However, achieving this goal requires careful planning and financial preparation.
While some have successfully saved up through investments, many Australians choose to contribute additional funds to their superannuation as a popular and effective method to support their retirement plans.
We place a lot of trust in our super funds and expect them to be managed efficiently and safely.
That’s why the recent AustralianSuper debacle has left many people with a bitter taste in their mouths.
The fund acknowledged that it mistakenly double-charged members with more than one fund account.
To remedy this, AustralianSuper has committed to providing a substantial $70 million reimbursement, or an average of $650 each, to approximately 100,000 affected members.
A statement from the fund read: ‘AustralianSuper’s aim is to return these members to the financial position they would be in now if this hadn’t occurred.’
‘This may include refunding administration fees and any insurance costs deducted from impacted members’ secondary account, along with lost earnings on these amounts.’
Interestingly, AustralianSuper has been named the most reliable superannuation brand for ten consecutive years by Reader’s Digest Australia.
It is also the country’s largest superfund, managing approximately $258 billion in member assets as of June 30th 2022.
The company disclosed that it frequently scans the accounts of its nearly 3 million members, which equates to around one in eight working Australians, to consolidate multiple accounts held by a single member and prevent them from incurring additional fees.
However, despite its efforts, some multiple accounts were overlooked by the processes.
Suppose you believe you might have been double-charged or have multiple accounts within AustralianSuper. In that case, we strongly recommend that you get in touch with their customer service at 1300 300 273 to discuss any discrepancies and potential refunds you may be entitled to. Though, it’s likely AustralianSuper will be in touch with impacted members shortly.
In times like these, it’s crucial to remain vigilant and proactive in managing your finances. It's important to keep an eye on your super accounts and fees – you could be saving a lot of money in the long run.
Do you have multiple super fund accounts? Tell us about it and how you manage them in the comments below.
We also recommend checking out this article, where we discussed whether bigger super funds are better for customers (or not).
While some have successfully saved up through investments, many Australians choose to contribute additional funds to their superannuation as a popular and effective method to support their retirement plans.
We place a lot of trust in our super funds and expect them to be managed efficiently and safely.
That’s why the recent AustralianSuper debacle has left many people with a bitter taste in their mouths.
The fund acknowledged that it mistakenly double-charged members with more than one fund account.
To remedy this, AustralianSuper has committed to providing a substantial $70 million reimbursement, or an average of $650 each, to approximately 100,000 affected members.
AustralianSuper announced that it would reimburse an average of $650 to thousands of its members after it mistakenly charged them for their multiple accounts. Credit: AustralianSuper.
A statement from the fund read: ‘AustralianSuper’s aim is to return these members to the financial position they would be in now if this hadn’t occurred.’
‘This may include refunding administration fees and any insurance costs deducted from impacted members’ secondary account, along with lost earnings on these amounts.’
Interestingly, AustralianSuper has been named the most reliable superannuation brand for ten consecutive years by Reader’s Digest Australia.
It is also the country’s largest superfund, managing approximately $258 billion in member assets as of June 30th 2022.
The company disclosed that it frequently scans the accounts of its nearly 3 million members, which equates to around one in eight working Australians, to consolidate multiple accounts held by a single member and prevent them from incurring additional fees.
However, despite its efforts, some multiple accounts were overlooked by the processes.
Suppose you believe you might have been double-charged or have multiple accounts within AustralianSuper. In that case, we strongly recommend that you get in touch with their customer service at 1300 300 273 to discuss any discrepancies and potential refunds you may be entitled to. Though, it’s likely AustralianSuper will be in touch with impacted members shortly.
In times like these, it’s crucial to remain vigilant and proactive in managing your finances. It's important to keep an eye on your super accounts and fees – you could be saving a lot of money in the long run.
Do you have multiple super fund accounts? Tell us about it and how you manage them in the comments below.
We also recommend checking out this article, where we discussed whether bigger super funds are better for customers (or not).
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