Westpac persuaded its customers to join two super funds that are 'among Australia's worst'

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Two super funds into which a court has found Westpac wrongly tipped customers through a telemarketing campaign have been identified by the prudential regulator as among the poorest performers in Australia.

The BT Lifetime Super Employer Plan and BT Business Super were two of 10 into which Westpac persuaded its customers to roll their superannuation as part of a marketing campaign that brought more than $646m in deposits into the bank between 2013 and 2016.

In data comparing low-cost MySuper funds published on 10 December, the Australian Prudential Regulation Authority said both funds underperformed compared with a model investment portfolio it set up.
Read more: https://www.theguardian.com/australia-news/2019/dec/24/westpac-persuaded-its-customers-to-join-two-super-funds-among-australias-worst
Westpac bank employees phoned more than 95,000 customers during the 2013-16 period, more than 31,000 of whom agreed to roll their superannuation into their BT account.

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