ANZ & OnePath

OnePath Superannuation Class Action

The Slater & Gordon law firm has taken on the huge task of investigating and filing a class action against ANZ Bank and its former subsidiary OnePath Custodians.

The allegations concern a breach in superannuation trustee duties. This isn’t the first class action aimed at pursuing financial institutions over misconduct. Four class actions preceded the ANZ & OnePath case, all of which are a part of a bigger campaign.

The ANZ & OnePath class action contains two major allegations.

The first is that the trustees charged excessive fees to pay lucrative and problematic commissions to numerous financial advisers. The result of which led to high costs and zero added benefits to those who paid.

The second allegation is that the trustees failed to appropriately invest the funds people have been paying in over a certain period of time. These funds were deposited to ANZ, instead of searching for the option with more favourable interest rates, meaning the members received inadequate returns.

Is a Class Action Worth It?

Strategies employed by ANZ & OnePath had a meaningful and hurtful impact on many. However, with class actions, they can take years to settle and the settlement amount is usually much lower than the total of the group members who purchased individual premiums. Unfortunately, when you join a class action, you also give up your right to recover compensation as an individual if you’re unsatisfied with the outcome.

Get My Refund takes a different approach, we focus on each victim individually and work in the best interest of our clients. We’ll help manage the entire process for you and work towards helping you win the maximum refund.

Who Is Eligible for the Refund?

You might be able for a refund if you were associated with any of the following products before 30 June 2013 and up until 1 July 2013:

ANZ Super Advantage
OnePath OneAnswer Pension or Personal Super
ANZ OneAnswer Pension or Personal Super
OptiMix Pension or Superannuation
Integra Pension or Superannuation

Also, you might be eligible for a refund if you were associated with any of the products listed below from 1 September 2011 to 1 February 2020:

OnePath OneAnswer Pension or Personal Super
OneAnswer Frontier Pension or Personal Super
ANZ Smart Choice Super, Pension and MySuper
ANZ Smart Choice Employer Super
ANZ OneAnswer Pension or Personal Super

Get My Refund will fight for every cent you're owed.

We specialise in reclaiming money for consumers by investigating your individual situation to get back what you are owed if you were mis-sold, even if you loan is still current or has been paid out already.

Who is Eligible for the Refund?

The opt out model applies to class actions in Australia. Under the precedence, all persons affected automatically become members of the relevant class action. Between the 11th and 14th of February 2022, a Court-approved notice was emailed, where possible, to potential group members.

This notice was also published in newspaper ads to notify potential group members of the class action’s commencement and to notify group members to opt out of the proceeding before 4 pm on Friday, 15 April 2022. Members who do not receive the opt out notice have no idea the class action exists, they do not know how to register and they can often miss out entirely — through no fault of their own.

The settlement or court’s decision will legally bind members unless they had previously opted out of the proceedings.

Group members will not have the final say on settlement offers, settlement sum amounts or how the payout is apportioned between them and by that stage, it is too late to opt out and have waived the right to take it individually to obtain more.

Important note:

If you do not opt out, you will probably still need to take certain further steps before distribution occurs to receive your share of any payout — this is not automatic.

The terms for every class action are all available online. We do not offer legal advice and we suggest you read what the actual group member MAY or MAY NOT receive or obtain legal advice before making these decisions.

What happens if you don’t opt out of the Allianz Class Action and your claim is successful?

The legal proceeding aims to seek compensation for Group Members by refunding the amount paid for their products and any additional interest from the financing of their insurance premiums. The compensation should accurately reflect the difference between what Group Members paid for their policy and what it was worth. However, the amount of payable compensation will depend on the case’s outcome and the circumstances of each Group Member. Therefore, even if your claim is successful, there’s no telling what amount you can expect to receive.

How long can you expect the Allianz Class Action to take?

While the length of legal proceedings for the Allianz Class Action is uncertain, it will likely go on for several years, with most class actions in Australia lasting for over two years. With such delays and an uncertain outcome, Get My Refund provides an alternate method to seek a refund with our help.

How do you opt out?

If you opt-out by the deadline, or instruct us to opt-out on your behalf, you have removed yourself from this class action and will be free to pursue a refund to achieve a better outcome.

If you had opted out, you’ve removed yourself from this class action. As a result, the outcome of the case will not affect you. You will be free to file your own claim separately and therefore entitled to more compensation.

Get My Refund — the pioneer of refunds you can count on

As the first refund management service in Australia, we have 30 years of experience and always act in the best interests of our clients to help them get back what they’re owed. We simplify and speed up the entire process and handle any escalations to AFCA, so you don’t have to. With our online portal, you can easily track the progress of your refund claim. Our clients have been offered up to 85% less when submitting their own refunds than what we’ve achieved for them. If you have any queries, explore our FAQs and read our blog to learn more!

What is a class action?

A class action is a lawsuit brought by a group of claimants who suffered wrongdoings in the hands of the defendant. This type of lawsuit is also known as multi-district litigation or mass tort litigation.

Since the compensation for individual injuries may pale in comparison to the cost of a lawsuit, banding a group of claimants together tips the scale in the other direction, making it a suit worth filing.

Besides the claimant attorneys, filing a lawsuit as a group allows consolidation of witnesses, evidence, and other aspects of litigation for enhanced efficiency.

Why is a class action not always the right action?

If you do not opt out in time, you will be bound by the outcome even if you are not happy with the amount you actually receive after the lawyers take their share. Legal proceedings are very expensive and by lining the pockets of lawyers you may be disappointed what ends up in yours.

Our client data confirms that our clients are better off opting out and instructing us to pursue a refund on their behalf than what they would have received if they did no opt out, and this is even after our fee is paid.

What are the advantages of using Get My Refund over a class action?

We work on behalf of you as an individual on all insurances (not just the class action ones) and work towards obtaining the maximum refund you are entitled to! Class actions can take years to be approved and to go through court process, whilst our refund claims can be completed in a matter of weeks!

What is the potential difference in payouts between GMR and a class action?

This in recent times has worked out to be more than 60% more refund potential in your pocket even after our fees!

How long does the process take?

Once opted out your refund claim can be completed in less than 60 days, dependent on the complexity of your individual case.

Do I get anything for reading the entire FAQ?

You deserve some Gold Star stickers! There was some Tim Tams, but we ate them all. Sorry. You snooze, You…

You still here?

Why? Okay, since you’ve read the whole page (you did not skim did you?), you definitely deserve a reward…..Lets make it a refund! If your still concerned or not sure then pick up that phone to our friendly Team! We love helping you (02) 9156 1000.