Regulators rap Axa over staff super fund

Axa Asia Pacific Holdings entered into enforceable undertakings agreed with the financial and corporate regulators following a dispute with their own staff over the administration of the Axa staff superannuation fund. Axa will pay staff an additional $10 million in benefits. The settlement follows complaints by some fund members following a 2002 decision to change from a smoothing policy on crediting rates for the fund to an actual earnings rate. The change caused Axa to apply a negative earnings rate rather than a positive rate.