Pearler's 'not Boomers' super product may fall foul of age discrimination laws
The investing app is trying to get into the $4 trillion superannuation pie but is only letting people under the age of 55 use its product.
Share trading app Pearler is set to launch its own superannuation fund but its plans to prevent people born before 1970 from using it may violate age discrimination laws.
On a landing page for the product, which is expected to launch next week, Pearler describes its offering as “Super designed for younger Aussies (not Boomers)”.
Its target market determination also includes the age cut off of 1 January 1970 and discloses that its trustee is Equity Trustees.
Speaking to Capital Brief, super law firm Berrill & Watson principal John Berrill said super funds were governed by anti discrimination laws, including the Age Discrimination Act.
