Almost one million Australian workers are trapped in underperforming products that have creamed billions from them in profit, the government's performance test reveals.
Industry Super Australia's analysis of the Your Future, Your Super performance test results shows that 27% of retail MySuper members are in underperforming products, more than 860,000 retail members with $30 billion in savings are in dud for-profit products (see table 1).
During the seven-year life of the performance assessment these funds have siphoned off billions in profit from their members to be paid to the parent company, all while they were delivering lousy returns.
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