Workers could be the big losers with the Senate passing laws that could trap millions of Australians into dud super products, costing them almost $230,000 from their retirement savings.
The government’s Your Future, Your Super legislation staples millions of members into inferior super products that would either fail new performance tests or are shielded from them altogether.
At least 2.6 million super fund accounts are locked in funds that could fail performance tests – many more workers are in funds that will not be tested.
Industry Super Australia pushed for sensible amendments that would have mandated that Australians can only be stapled to funds that pass the performance test. Without this change the Bill could cost Australian workers up to $230,0001 from their savings.