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Scandal-plagued wealth company AMP is reaping more than $100 million in fees every year from 1.1 million zombie superannuation accounts, as part of a broader $2.6 billion nest-egg gouge.
With Labor stalling government moves to return more than $6.6bn in savings to Australians, The Australian can reveal that major funds in the $2.7 trillion superannuation sector are holding on to high rates of lost and forgotten member accounts that are vulnerable to having their balances eroded by excessive fees.
Read more at The Australian.