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APRA names 13 super fund failures

By Mike Taylor31 August 2021

Thirteen superannuation funds failed the Australian Prudential Regulation Authority’s (APRA’s) performance test.

The regulator announced the fail rate today at the same time as noting that 84% of products had passed.

APRA board member, Margaret Cole said that the trustees of the 13 products that failed now faced an important choice: “they can urgently make the improvements needed to ensure they pass next year’s test or start planning to transfer their members to a fund that can deliver better outcomes”.

RSE MySuper product
AMG Super AMG MySuper
ASGARD Independence Plan Division Two ASGARD Employee MySuper
Australian Catholic Superannuation and Retirement Fund LifetimeOne
AvSuper Fund AvSuper Growth (MySuper)
BOC Gases Superannuation Fund BOC MySuper
Christian Super My Ethical Super
Colonial First State FirstChoice Superannuation Trust Colonial First State FirstChoice Superannuation Trust
Commonwealth Bank Group Super Accumulate Plus Balanced
Energy Industries Superannuation Scheme-Pool A Balanced (MySuper)
Labour Union Co-Operative Retirement Fund MySuper Balanced
Maritime Super MYSUPER INVESTMENT OPTION
Retirement Wrap BT Super MySuper
The Victorian Independent Schools Superannuation Fund VISSF Balanced Option (MySuper Product)

 

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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