Key points
- Super funds owe members fiduciary and statutory duties under the Superannuation Industry (Supervision) Act 1993.
- Common claims involve underperformance, excessive administration fees, and failure to disclose insurance terms.
- APRA and ASIC enforcement actions against a fund can indicate a class action may follow.
- Even small annual fee overcharges compound significantly across a 30-year savings horizon.
- You do not need to have left the fund to register interest in a class action.
What duties do super funds owe members?
Under the SIS Act and the general law, trustees of superannuation funds must act in the best financial interests of members, avoid conflicts of interest, exercise care and diligence, and ensure that the fund is administered in accordance with its trust deed. Breach of any of these duties can give rise to civil liability.
Types of superannuation class actions
Investigations and proceedings have covered:
- Sustained investment underperformance against benchmarks
- Excessive administration and member fees charged without corresponding benefit
- Inappropriate default insurance products eroding member balances
- Non-disclosure of material information to members
- Misconduct by associated service providers
How do I know if my fund is under investigation?
ClassActions.com.au publishes an active registry of class action investigations, including superannuation matters. You can also monitor APRA’s published enforcement actions and ASIC’s enforcement update releases. If you see your fund’s name in regulatory proceedings, it is worth registering your interest early.
This article is general information only and does not constitute legal advice. ClassActions.com.au is an independent information service and is not a law firm. If you believe you may have a legal claim, consult a qualified Australian legal practitioner.