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If you are looking for information on the G8 class action click here

We have recently filed a class action on behalf of members of ANZ and OnePath superannuation products, the fifth class action in our Get Your Super Back campaign.

There are two key claims in the class action against ANZ and OnePath. The first alleges that the trustee of these super funds breached their duties to members by charging excessive fees in order to pay unnecessary commissions to financial advisers, resulting in high fees for no additional benefit to members.

The class action also alleges that the trustee breached their duties in relation to the investment of funds that members deposited in cash investment options. The trustee deposited these funds with their parent bank, ANZ, rather than shopping around for better interest rates, resulting in inadequate returns for members.

The class action further alleges that ANZ and its former subsidiary, OnePath Life, were involved in the trustee’s breaches.

What you need to know about the ANZ Super Class Action

The proceeding includes members of various ANZ and OnePath superannuation products.

To be included in the claim relating to excessive fees to pay adviser commissions, you must have been a member of one of the following products prior to 30 June 2013, and remained a member on or after 1 July 2013:

  • ANZ OneAnswer Personal Super or Pension
  • OnePath OneAnswer Personal Super or Pension
  • ANZ Super Advantage
  • Integra Superannuation or Pension
  • OptiMix Superannuation or Pension

If you are not in any of the products listed above but received a notice from the trustee in or around March 2019 advising that you could request to cease commissions, you should also get in touch as there are some other legacy commission products that may be relevant to this claim.

The cash investment element of the claim applies to you if you were a member of one of the following products at any time between 1 September 2011 and 1 February 2020, and had funds invested in the Cash Advantage, ANZ Term Deposits, or ANZ SmartChoice Cash investment options:

  • ANZ OneAnswer Personal Super or Pension
  • OnePath OneAnswer Personal Super or Pension
  • OneAnswer Frontier Personal Super or Pension
  • ANZ Smart Choice Super, Pension and MySuper
  • ANZ Smart Choice Employer Super

Note that for an investment in ANZ Smart Choice Cash through any Smart Choice Super or Pension product, you will need to have selected this investment option, it is not a default option.

There is nothing you need to do at this stage to participate in the class action. If you meet the eligibility criteria then you will automatically be included as a group member.

To receive updates about the matter as it progresses, we encourage you to register your interest below.

Other class actions

Slater and Gordon has now launched five class actions as part of our Get Your Super Back campaign. We have class actions against AMP, BT and ANZ OnePath, and two against Colonial First State. We plan to launch more class actions against big bank-owned super funds that we allege have rorted the system to boost their own profits instead of looking after their members.

If you think you’ve been ripped off, make sure you check out our Get Your Super Back home page for more updates.

Other Get Your Super Class Actions