One in three super accounts in unintended multiple account

Exit fees charged to people trying to close unwanted super accounts have been banned. (AAP) Source: AAP

A Productivity Commission investigation into the superannuation system has found one in three accounts, or about 10 million, are unintended multiple accounts. It finds they cost their owners a total of $2.6 billion every year in extra fees and insurance charges. The report has recommended sweeping changes, where workers would be steered towards an approved list of 10 default providers picked by an expert panel.

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