Four second-time super fund failures
Five superannuation products have failed the latest superannuation funds performance test, four for a second time.
The Australian Prudential Regulation Authority (APRA) announced today the five funds that failed included four which had failed for a second time.
The four funds which failed a second time are therefore no longer able to recruit new members.
The second time failures are the Australian Catholic Superannuation and Retirement Fund Lifetimeone product, the Energy Industries Super Scheme-PoolA Balanced (MySuper) product, the BT Super MySuper Retirement Wrap and the AMG Super, AMG MySuper product.
The first time failure was the Westpac Group Plan MySuper Retirement Wrap.
The number of failures is lower than was expected from the performance test, the criteria for which is now subject to review by Treasury.
Thank goodness CFS Employer Fund passed this time…i got really tired placating clients who were convinced that this was every fund in the CFS platform!