AustralianSuper to Refund $70M to Customers after Double-Charging Members
Are you double billed? Following a major error, Australia’s largest superannuation fund will repay $70 million to 100,000 customers.
KEY POINTS:
- AustralianSuper will reimburse $70 million. Members getting a refund will receive $650 on average.
- Over 100,000 users with several accounts may have been paying double the amount in fees, according to an internal report.
- About one in eight Australians are with the fund.
- Calling the situation “alarming,” consumer advocates have demanded a review of all funds.
How to Find Out if You’re Owed a Refund?
Here’s how to determine whether you’re entitled to a refund.
The largest super fund in Australia has apologised and informed authorities that it accidentally double-charged customers with numerous accounts.
AustralianSuper announced on Friday that it will set aside $70 million to reimburse around 100,000 members on average $650.
According to a statement from the fund, “AustralianSuper’s goal is to return these members to the financial position they would be in now if this hadn’t occurred.”
This could involve returning any administrative fees and insurance charges that were deducted from the secondary accounts of affected members, as well as any lost revenue on these amounts.
The superannuation giant said that it frequently searches the accounts of its approximately 3 million users, or roughly one in every eight working Australians, to consolidate several accounts held by a single member in order to save them further money.
However, some multiple accounts were missed by its processes.
From AustralianSuper:
“This should not have happened, and we apologise unreservedly to members. The Fund is taking appropriate remediation actions and has self-reported the issue to the regulators.”
About AustralianSuper
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria. It is Australia’s largest superannuation fund, with members making up about one in ten Australian workers. It gives the majority of members basic insurance protection as part of their super account.
The Australian Council of Trade Unions and employer advocacy group the Australian Industry Group jointly hold the brand. It has named the most trusted superannuation brand for ten years in a row by Reader’s Digest Australia.
You may also read:Say Hello To Payday Super
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