Super funds charge a multitude of fees in connection with the administration and management of your retirement savings. The Royal Commission has shown that some funds are charging much higher fees than are necessary to administer the fund. That’s why the Get Your Super Campaign is focused on uncompetitive fees charged by retail and bank-owned super funds.
We have commenced the second class action in our Get Your Super Back campaign, against AMP. The class action alleges that AMP paid too much to related entities for administration services, resulting in excessive fees on members’ superannuation accounts.
The class action also includes claims where member’s funds were held in cash-only investment options and members received interest rates lower than what a reasonable and diligent trustee could have obtained on the open market.
What you need to know about the AMP Super class action
The second in our wave of class actions is for AMP Super members who held an account at any time from 1 July 2008.
There is nothing you need to do to right now to participate in the class action. If you are or were a member of one of the superannuation funds included in the class action then you automatically qualify as a group member. To receive updates about the class action, register your interest below.
Other class actions
Slater and Gordon have launched two class actions as part of our Get Your Super Back campaign, against Colonial First State and AMP. But we won't stop there. We plan to launch a series of class actions against big bank-owned super funds that we allege have rorted the system to boost their own profits instead of looking after members.
If you think you've been ripped off, make sure you check out our national Get Your Super Back campaign for more cases and regular updates
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