Bt Lifetime: Employer Plan and Superannuation Data

bt lifetime: In data comparing low-cost MySuper funds published on 10 December, the Australian Prudential Regulation Authority said both funds underperformed compared with a model investment portfolio it set up, according to The Guardian. Superannuation data reveals accounts being eaten away by high fees and poor returns Read more The BT Lifetime Super Employer Plan underperformed Apra's model portfolio by a whopping 1.1% a year over five years while BT Business Super delivered between 0.41% and 0.43% a year over the same period. The BT Lifetime Super Employer Plan and BT Business Super were two of 10 into which Westpac persuaded its customers to roll their superannuation as part of a marketing campaign that brought more than 646m in deposits into the bank between 2013 and 2016. BT Business Super also suffered from high fees that gobbled more than 2.1% a year for balances of less that 10,000 while BT Lifetime Super Employer fees ate a more modest, but still substantial 1.87% a year, the regulator said. Westpac has applied to the high court for leave to appeal the judgment, adding to what is shaping as a busy year ahead in the courtroom for the bank. In October, the full federal court found that Westpac broke the law during the telemarketing campaign because it provided personal advice to people about their finances without properly considering their individual positions. (news.financializer.com). As reported in the news.

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