Australia’s compulsory superannuation system was introduced in 1992 by then Treasurer Paul Keating.
In that time, there have been few developments as dramatic as this month’s naming and shaming of 13 super funds which have failed a performance test set by the regulator.
They include funds sitting under some of Australia’s biggest financial services names like Commonwealth Bank, Colonial First State and Westpac’s BT.
About 1 million fund members will receive letters in the mail in coming weeks informing them of their fund’s underperformance.
So, how do you know if you are in one of these products, and, even if you’re not, what should every Australian be doing today to make sure their nest egg is protected?
Today on Please Explain, business reporter Charlotte Grieve joins Jess Irvine to discuss.
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