Big Super’s reckoning has arrived
After 32 years of guaranteed inflows from workers and scant scrutiny, the $3.9 trillion industry faces customer fury over service, unclear investment practices and questionable governance.
Superannuation funds have complained for years that their members are disengaged. But social media shows this may no longer be a problem. Harry Afentoglou
The Facebook posts say it all. “Shame on you Cbus for putting my sister-in-law and nieces through this nightmare. Over 10 months to payout after he died,” writes one woman whose brother was a Cbus member.
Another customer of the construction industry superannuation fund waited 15 months for an insurance payout, saying the delay added emotional strain to her grieving family. “If you’re considering Cbus Super, run in the opposite direction,” she advises.
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