AustralianSuper’s $69M Betrayal: A Clerical Error or An Abuse of The Superannuation System

In one of the biggest financial scandals in recent Australian history, AustralianSuper has been fined a staggering $27 million after an Australian Securities and Investments Commission (ASIC) investigation. 

The ASIC investigation found that one of the country’s largest super funds failed to merge multiple accounts—costing members a gut-wrenching $69 million in unnecessary fees and lost earnings.

For 90,700 unsuspecting members, this wasn’t just a clerical error. It was a financial betrayal. 

While they believed their retirement savings were secure with a “trusted” industry super fund. 

Instead, they were dealt the following hand: 

• Duplicate administration fees
• Excessive insurance premiums
• Evaporating investment earnings over a decade.

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Your Super Isn’t Safe—The Industry’s Dirty Secret

This scandal isn’t an isolated incident. The Australian superannuation industry, controlling over $3.5 trillion of retirement savings, has a long track record of mismanagement, hidden fees, and underperformance. 

While countless Australians are forced into these funds by default when they accept their very first job, who’s really benefiting? 

Certainly not the everyday worker struggling to grow their retirement nest egg.

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The Wake-Up Call: It’s Time to Take Back Control

If you’ve ever trusted a big super fund to manage your retirement savings, this should be your sign to ditch the outdated system and take control. 

There are incredible alternatives that give you control. 

These options include property investment solutions such as: 

• Supavest OCP, an investment solution that allows you to invest your super in brand new house and land builds.
• TIC Property, a fractional property investment solution that allows you to own a 5% stake in a high-yield property. 

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The Conclusion

Industry and retail super funds have proven time and time again that the interests of their members come second. 

Profits are what matter to funds such as AustralianSuper, and while profits being on their mind is not illegal, the growth of their members' nest eggs should be their priority. 

Looking to invest in a solution you can trust? Think Supavest!

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