One in three super accounts in unintended multiple account

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. Kulasegaram Sanchayan reports in Tamil with a feature written by Peggy Giakoumelos.