OnePath (which was already owned by ANZ for the last 6+ years) has recently merged their Super accounts into ANZ Super accounts, so now everything is ANZ 'branded' and using the ANZ super plaform.
on the recent statement they charged a $50 'transition levy'
It's not a withdrawal fee, (because I never asked for my super to be withdrawn) , it's not a mangement fee or a contribution fee… it's just an ad-hoc levy.
so is this legal to charge such a levy?
The way I see it, it's an opportunistic cash-grab by ANZ to hit up all the OnePath super accounts for $50. This kind of expense (migrating IT platforms) should be absorbed into the management fees. I'm not sure if I should complain directly to them, the ACCC / Ombudsman or what, but I feel like it's not ethical and I question whether it's actually within the legal parameters of superannuation law.
Otherwise what would stop the super companies from just charging ad-hoc levies on anything that occurs?
"April Flood levy" , "Misfortune levy", "Managing Director wants a bonus levy"
charge them with a 100% transferring-to-another-fund levee