At least 60,000 superannuation members with $4 billion in retirement savings – mostly customers of retail funds offered by Insignia Financial (formerly IOOF) and AMP – will be sent letters telling them their investment option failed a performance test by the prudential regulator.
“You should think about moving your money to a different super investment option or fund,” the letter, which the trustees of the funds are required by the regulator to send to members, will read.
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Joanna Mather joined the AFR as an education reporter in 2008. She spent four years in the Canberra press gallery before becoming superannuation reporter in 2016, deputy news director in 2021 and wealth editor in 2023. Connect with Joanna on Twitter. Email Joanna at jmather@afr.com
