AUSTRALIA - Members of "old style" or "legacy" superannuation accounts could be subject to significant exit fees if they try to move their money out of these funds when choice of fund legislation is introduced, the Australian Securities and Investments Commission (ASIC) has warned.
Chairman Jeffrey Lucy said a recent inquiry by ASIC found at least 550,000 Australians have these type of accounts, bought from life insurance companies in the 1980s and 1990s. Many of the products...
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