Failure is only the beginning.
Thirteen of Australia’s 80 closely-regulated MySuper superannuation funds have failed the APRA performance test.
There’s a fair chance you are among the one million people in them.
The results were made public on Tuesday and handed to the funds on Monday. From here on — for the people who run those funds — it’s about to get worse.
APRA is the Australian Prudential Regulation Authority. Landmark reforms introduced in response to a devastating Productivity Commission report into the “mess” that is much of Australia’s super industry require APRA to rate each MySuper fund (and from next year most other funds) with a pass or a fail according to how they have managed their members’ money.