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Wrong benchmark used to identify super slowpokes: industry funds

Sally Patten
Sally PattenBOSS editor

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Treasury is using the wrong benchmark to identify poor-performing superannuation schemes that could be earmarked for closure to new members, industry retirement funds say.

Industry Super Australia welcomed this week's move by Treasurer Josh Frydenberg to deal with underperforming super funds, but said the proposed method lacked rigour and could leave savers worse off.

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Sally Patten edits BOSS, and writes about workplace issues. She was the financial services editor and personal finance editor of the AFR, The Age and the Sydney Morning Herald. She edited business news for The Times of London. Connect with Sally on Twitter. Email Sally at spatten@afr.com

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    Original URL: https://www.afr.com/wealth/superannuation/wrong-benchmark-used-to-identify-super-slowpokes-industry-funds-20201008-p563a6