Three weeks ago, the nation’s 13 worst performing super funds were revealed. On the list, was an industry fund most Australians would not have heard of called the “Energy Industries Superannuation Scheme”.

It currently holds $6 billion of retirement savings on behalf of about 20,000 largely blue-collar workers in the electrical industry.

It is also now the subject of serious allegations – revealed exclusively in The Age and The Sydney Morning Herald – that member funds have been misspent on lavish Christmas parties, overseas junkets for senior management and a series of questionable sponsorship deals of local community and sporting clubs.

Today on Please Explain, business reporter Charlotte Grieve joins Jess Irvine to discuss.