Superannuation fund collapses and payout delays raise concerns
Recent events in Australia's superannuation sector include the collapse of two funds affecting thousands of members and allegations of delayed payouts by a large fund manager.
The collapse of the First Guardian and Shield funds left almost 11,000 people $1.1 billion out of pocket, according to gdelt.
ASIC has alleged that Cbus, which manages more than $85 billion for over 900,000 Australians, was too slow to process millions of dollars in death and disability payouts, reported by theconversation.com.
In a typical situation, up to 60 % of the money withdrawn from super during retirement comes from investment earnings received after stopping work, according to superguide.com.au.
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