Australia’s largest tremendous fund has apologised and reported itself to regulators after inadvertently double charging members with a number of accounts.
AustralianTremendous stated on Friday it was setting apart $70 million to repay about 100,000 members a median 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 stated in an announcement.
“This may include refunding administration fees and any insurance costs deducted from impacted members’ secondary account, along with lost earnings on these amounts.”
The tremendous big stated it recurrently scans the accounts of its practically 3 million members – about one in eight working Australians – to mix a number of accounts held by a single member to avoid wasting them additional charges.
But its processes missed some a number of accounts.
“This should not have happened and we apologise unreservedly to members,” AustralianTremendous stated.
AustralianTremendous had $258b in member property beneath administration as of final June 30. It has been voted essentially the most trusted superannuation model 10 years in a row by Reader’s Digest Australia and is owned by the Australian Council of Trade Unions and employer peak physique the Australian Industry Group.
Source: www.perthnow.com.au
