Super Consumers Australia (SCA) is urging all superannuation funds to review their account handling processes in the wake of AustralianSuper refunding $70 million to approximately 100,000 members who held multiple accounts with the fund.
AustralianSuper has apologised to around 100,000 members after a review of its processes found a combined $70 million worth of incorrect charges. Super Consumers Australia has called on all super funds to transparently review its processes to confirm members are not paying any similar charges.
Australia's biggest superannuation fund reveals that it has been double charging some customers, and will refund around $70 million in fees and insurance costs to about 100,000 people.
From 1 July 2026 employers will be required to pay their employees super at the same time as their salary and wages. By transitioning to payday super, the government aims to tackle the average annual $4.7 billion of unpaid super.