Related-party super rip-offs amount to $780 per member per year, Industry Super claims

By Peter Martin
Updated January 7 2016 - 10:18am, first published December 1 2015 - 11:06am
Industry Super chief executive David Whiteley says If the lost earnings on the lost funds were taken into account, the total cost to members would be $8.9 billion.  Photo: Luis Ascui
Industry Super chief executive David Whiteley says If the lost earnings on the lost funds were taken into account, the total cost to members would be $8.9 billion. Photo: Luis Ascui

Pricey related-party transactions by for-profit superannuation funds cost their members as much as $780 a year, a new analysis finds.