Five super funds representing 603,000 members and $27.8 billion in assets have failed the prudential regulator’s second-ever annual performance test.
The largest fund to fall foul of the annual assessment – for a second straight year – was the Westpac-owned BT Super MySuper product, which has $21.2 billion in assets. BT is now banned from accepting new members into this product.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
