Virgin Superannuation

Virgin Superannuation

"Virgin Superannuation" is a superannuation, or pension fund, offered by Virgin subsidiary Virgin Money.

In Australia

In Australia, Virgin Superannuation is operated by Macquarie Fund Manager. Unlike many other funds, it does not offer an automatic insurance protection and only offers it as an option.

Criticism

Amidst the launch of Virgin Superannuation, Virgin Money was criticised for misleading its customers about its claim that it charges lower fees than regular industry superannuation funds. Consumer research by Jeff Bresnahan of SuperRatings, showed that the claim only held true for a small balance of less than $50,000Chris Wright, 'Virgin super fees under attack', "Australian Financial Review" (Sydney), 23 June 2005, p 19] .

References


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