The Government will introduce penalties for promoters of early-release superannuation schemes as part of its Stronger Super reforms.
Promoters of illegal early-release schemes exploit vulnerable Australians by encouraging applications for rollover of superannuation balances and claiming up to 50 per cent of the member's retirement savings in commissions.
It said non-English speaking people and those who were not fully aware of the rules regarding super benefits were generally targeted.
Up to $8 million of super benefits had been illegally released by some schemes, generating millions in commissions for promoters.
Some promoters had "gone further" by exploiting identity data for criminal purposes or by stealing the member's entire balance, it said.
Minister for Financial Services and Superannuation Bill Shorten said the penalties were an important measure in protecting the Government's retirement policy.
"Introduction of these penalties is an important step to protect the integrity of the superannuation scheme and prevent people's entire superannuation savings being stolen," he said.
Australia’s second-largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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