New super fund assessments reveal that stopping underperforming funds from taking on new members will not save those that are languishing in dud products.
Today's Choice APRA Heatmaps found that two thirds of products that are closed to new members were poor or 'significantly' poor performing products.
The Your Future, Your Super sanction of closing funds to new members will have no impact on these funds and not stop their existing members from being fleeced.
To make matters worse their members will be stapled to these dud products, which can cost each of them up to $230,000 at retirement1.
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