Australian retirees have been warned about a crucial mistake that could be costing them more than $200,000, sparking calls for better safeguarding for superannuation customers.

Advocacy group Super Consumers Australia analysed data from the Australian Prudential Regulation Authority about the investment options that failed the government’s annual performance test offered to retirees.

This test applies to super accounts held by working Australians, but does not apply to products offered to retirees.

An under-performing fund could cost a retiree between $57,000 and $205,000 over the course of their retirement, the group warned.

That figure is based on a retiree that starts with a balance of $250,000.

About 91 per cent of products that failed the performance test were also offered in ret

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