The government’s last-minute changes to crucial super fund performance test will allow fee gougers to continue ripping off members.
In a major backflip the government will only include the last year’s administration fees in the new Your Future, Your Super performance test – instead of an average of eight years of charges.
This not only allows dud super funds to whitewash years of fee gouging it also gives unscrupulous players free reign to fiddle the books and shift costs to the investment side with little impact on its performance assessment.
Through creative bookkeeping funds could still be charging members the same high fees but sneak through the test. Members would then never be told their fund is an inferior performer.