The ASIC eyes AustralianSuper because of multiple superannuation accounts.
👉 Background: AustralianSuper is the biggest super fund in Australia. They invest over $270 billion on behalf of their millions of members.
👉 What happened: According to ASIC, there were 90,000 AustralianSuper members who had multiple accounts and this cost them $69 million in fees for duplicate accounts.
👉 What else: While AustralianSuper has already refunded the amount to its members, ASIC isn't satisfied because it took them 3 years to resolve the issue. And when it comes to superannuation, and the impact of compounding, every small delay counts.
💡Compounding is often called the eighth wonder of the world - for good reason. It allows your money to grow exponentially over time, not just linearly.
💡Let’s run the numbers: That $69 million lost today could grow to around $182 million in 20 years if it grew at just 5% per annum
💡And given this money is for retirement, this is why it's so important for funds like AustralianSuper to act promptly and responsibly. So recovering these funds is not just good ethics, it's good math.
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