funds: It paints a picture of retirement incomes for some savers in MySuper funds, which are supposed to be simple and low cost, being eaten away by high fees and poor returns, according to The Guardian. Apra member Helen Rowell said the regulator would use the data to put pressure on trustees to either dramatically improve their performance or get out of the industry by closing or merging funds. A heatmap published by the Australian Prudential Regulation Authority on Tuesday also reveals Westpac arm BT is consistently delivering substandard returns to members of its MySuper fund. Higher superannuation rates not linked to lower wages, report finds Read more Release of the data is part of increased oversight of the industry by Apra, which was criticised at last year's financial services royal commission for failing to take legal action against super trustees who fail to act in the interests of members. However, no one should be complacent. Rowell said Apra has directly contacted the trustees of the worst-performing products and asked them to provide or update action plans outlining how they will address identified weaknesses . If they are unable to make substantial improvements in good time, we will consider other options, including pressuring them to consider a merger or exit the industry, she said.
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