I Think My Super Is Stealing from Me

birdmaster on 02/08/2020 - 12:06
Last edited 02/08/2020 - 13:19 by 1 other user

Short Story, I am with REST, Since Pendamic I noticed my super balance was going down and all in all in 4 Months there was contribution but my total balance went down almost 20K. Since then I started watching closely specially last 2 months. I noticed Share market is not back at same level before pandemic all the stock prices almost the same or more before pandemic started but my superannuation balance is still down almost 10K then the balance before pendamic.

I started taking screen shots of their app in 30 days I took screen shot every day of my balance and the units I own, in last 30 days I noticed twice my units decreased and every time they took around 150 units off my balance and voice versa my balance gets lowered, tried to contact them through their messaging service through app but no response, when called their agent cannot answer or explain to me why this is happening they said everything seems ok.

Now I want to know how I can get explanation of what is going on. why without any reason my balance or units gets lowered, I do understand with Stockmarket balance gets lowered but why the units I own?

Is there way I can ask police or some legal department to investigate the REST super fund if they are doing with me they must be doing with others too and may be they stealing billions who knows, who watch them who can put a check and balance on them?

Financial

Comments

  • jimbobaus on 02/08/2020 - 12:13
    +85

    I need popcorn for the comments but the lines at the supermarket were so long in vic this morning…..

  • tsunamisurfer on 02/08/2020 - 12:20
    +54

    I have worked in the Superannuation industry for more than 10 years.

    I recommend calling 911 right now and reporting Grand Theft Super @ the offices of REST.

    • birdmaster on 02/08/2020 - 12:26
      +6

      Some informative comments could be very helpful, as I not able to understand and not able to get any help from my super fund that is why I am here may be some body knowledge able to explain why there is such discrepancies on my account.

      Can the Units you own as your super fund shares go down?

      • tsunamisurfer on 02/08/2020 - 12:54
        +18

        Your super is required to hold some of your holdings in cash to pay for things (but not limited to) like fees and insurance premiums.

        When the cash runs low below a threshold, it triggers a sell off of some assets (units) to replenish the cash.

        Your fund manager may also sell assets if they deem your chosen model needs realignment.

        If REST stole from you then they would need a particular transaction to take it out of your account. Find that transaction and question it.

        • Tambani on 04/08/2020 - 15:44

          There's the other shoe.

  • kahn on 02/08/2020 - 12:28
    +34

    This event may be the catalyst for the formation of Super Bikies.

    • oscargamer on 02/08/2020 - 20:18
      +1

      Actually very funny !

      • kahn on 02/08/2020 - 20:49
        +1

        Just like a football to the groin, it works on so many levels.

    • HealthHazard on 04/08/2020 - 07:49
      +1

      Maybe call the Super Best Friends

  • Jules855 on 02/08/2020 - 12:28
    +10

    Contact ASIC, and please record the call :)

  • websterp on 02/08/2020 - 12:29
    +7

    Would this be a scandal too big for Tracey?
    First I thought you should have rung her but considering the seriousness of your discovery she would easily get overwhelmed as this is not in the same league as chasing dodgy tradies. Maybe you should call for a press conference ASAP and expose REST probably take the podium right after Gladys's virus update this arvo for bigger coverage as every media outlet would be there.

  • popsiee on 02/08/2020 - 12:36
    +3

    Inside crimes are normally the most effective and lucrative crimes around especially in white collar fields !
    I'd expect a lot more during the pandemic .

    OP I think only when your employer contributes the units should go up and agree the units fluctuates but they should not go down .
    Are they taking fees in units or the like for a reduction ?

    • birdmaster on 02/08/2020 - 16:16
      -3

      Not sure that is what I want to know but not getting any info.

    • gromit on 03/08/2020 - 18:56
      +1

      units absolutely can go down, you have fees and potentially insurance, if there is not enough cash in the account then units will reduce to cover the shortfall. probably quite a common occurrence for a lot of people during covid.

      however none of this should be a mystery and should all be outlined in your PDS or other documents for your fund. What do those documents say?

  • Hithere on 02/08/2020 - 12:41
    -4

    Is there way I can ask police

    Do this as quickly as possible, your Super fund will be delisted as soon as your complaint is received.

    Contact Commissioner Michael Fuller and mention that you are a member of OzBargain.

    www.police.nsw.gov.au

    Hithere on 02/08/2020 - 12:41 (Collapsed - Offtopic. Show)
    • robbyjones on 02/08/2020 - 19:05
      +10

      Why do you have to be a dick? The OP is after information and you are just making it hard, what might seem like a simple thing to you isn't to everyone. Your post is phrased in a way that the OP may think you are serious.

      • Hunter80 on 02/08/2020 - 21:08

        Mate, @hithere isn't being *ick.. He just presented his views, and nothing wrong with it. If you don't like them don't have to act on it. We do need all kind of people in the world, if everyone start thinking alike the world will be very boring place.
        Even if OP do act on @Hithere advice and call Mr Fuller, that's OK, he will politely answer if he is able to, or might point him in right direction.

      • canyoudoitcheaper on 03/08/2020 - 02:04
        +2

        If you ask stupid questions you get stupid answers. Maybe OP could have done a simple Google search on how super works before asking whether the police should be contacted.
        Either way, you need to grow a sense of humour.

        • ensanguined on 03/08/2020 - 20:37
          -2

          I bet you simply have no idea what the answer is, so you resort to acting alpha to cover it up. So obvious.

      • saltypete on 03/08/2020 - 09:08
        +2

        I would agree with you, but the title of the post is almost asking for this. We have all watched our Super head south over the last 6 months, some light entertainment is welcome…

  • netjock on 02/08/2020 - 12:42
    +5

    Look at how the unit price is worked out. I would assume:

    Total holdings value divided by number of units.

    You need to consider:

    1. Whether the managers sold assets (shares etc) and incurred a loss.
    2. Given the government allowed people to withdraw $10k from super the super fund could have sold their best / most liquid shares to pay those people. What is left might not have been such a good shares. Usually funds have dilution fees (say 3%) to not leave those in the fund worse off but given volatility I doubt that would have helped much.

    Best way to work it out would be to look at your major geographic holdings (Australia / global etc) and see how much the index has gone down. If you are within 5% of that then it is pretty close. Don't forget you still pay fees even when returns are negative.

  • Baysew on 02/08/2020 - 13:00
    +4

    Maybe fees and/or insurance is reducing the number of units held.

    You need to have a good look at your statement and then contact REST.

  • mskeggs on 02/08/2020 - 13:00
    +20

    Industry super marked to market their real estate holdings (office blocks etc).
    This resulted in about 7% decline in those investments.
    Your super is unlikely to invest in an index, so the results of their holdings matter more than the market as a whole. Also, the core options hold a range of other investments.

    Your accusations of stealing and talking about police are childish and deserving of the ridicule you are getting above.

    • birdmaster on 02/08/2020 - 16:12

      First i am not accusing i am thinking and want to know the reasons/ facts/procedures and want some transparency to see what actually happens with my money. End of the day it is my money and that is why asking for the information.

      But i see there is alot of secrecy and tantrum when ever someone asks questions.

      When i ask my super fund they start with do you want to change with strategy or other things but they don't answer why my units are getting lower.

      • mskeggs on 02/08/2020 - 16:17
        +24

        Your units are getting lower because you selected a strategy that has seen those assets decline in value.
        Please read the PDS of your current investment, as you have not done the most simplest, easiest, least amount of learning before you accuse your super fund of stealing.
        You are embarrassing yourself by saying it is other people’s responsibility to explain to you when you have not done even the basics.

          • mskeggs on 02/08/2020 - 17:42
            +25

            @birdmaster: No, it doesn't.
            People don't start throwing accusations about stealing and calling the police. That is silly and childish.

            If you have never followed the link any time you went and took screenshots of your super balance, do you really think that is something beyond 80% of people?

            The vast bulk of people who have questions about their super investment returns don't post a message to ozbargain about calling the police.

            If you think you are behaving normally, or like 80% of others, you are badly mistaken.

            I assume you still haven't read the information? A PDS is usually half a dozen pages or less. It is linked on your super fund website, usually next to your balance.

            Ask for help or info, but stop calling out about stealing or contacting the police.

          • Ajax45 on 03/08/2020 - 20:28
            +10

            @birdmaster: You're a grown adult yet your first thought is that one of the biggest and most well-known Supers in Australia is stealing from you and that you want to call the police on them. You act like you've uncovered some super secret scheme by REST to steal billions of dollars and not a single other one of their millions of members have realised except you.

            Maybe do some basic research on how Supers work (in particular your own one) before making childish and outlandish conclusions as a grown adult.

            Mental that you've typed up that entire paragraph of how your Super is stealing from you, typed out that title and still managed to click submit without laughing.

          • pandamninator on 05/08/2020 - 09:55

            @birdmaster: You say that, and yet you decided the only explanation is they must be stealing from you.

            Funny.

      • gimme on 03/08/2020 - 22:19
        +1

        Lol you are literally accusing in your title (stealing)

  • MS Paint on 02/08/2020 - 13:09
    +5

    birdmaster

    Or masterkaren

  • Mechz on 02/08/2020 - 13:34
    +39

    They're definitely stealing from you but it's designed that way.

    • WreckTangle on 02/08/2020 - 14:01
      +1

      Yes, this!

    • chriskq on 04/08/2020 - 09:54

      For an average joe on 100k~ who is the best to use then?

      Since joing the workforce (and after i painstaking consolidated about 6 accounts from various teen jobs) i've been with 4 major players: Australian, REST, BT and now Hub24 via an SMS investment firm… and they all more or less the same. High fees and average results.

      my super has taken a pretty big hit recently…. im still down 6k from feb when things went downhill - my graph

      • Mechz on 04/08/2020 - 10:03
        +1

        I'm not sure but would suggest looking at canstar or similar comparison sites to see what options there are. Regardless of who you go with, your investment mix probably matters more. If you're young, put it all in high risk, once over 50 or so, move to low risk.

  • whooah1979 on 02/08/2020 - 13:59
    +1

    Not you keys, not you super. Investors should know that by now.

  • brendanm on 02/08/2020 - 14:02
    +4

    The markets are down from where they were pre covid. Your fund therefore has a lower value.

    • whooah1979 on 02/08/2020 - 14:24

      The SPX has been pumping like crazy since COVID. It is only a few points shy of pre-COVID. Anyone with some money to spare could've literally just thrown money at the wall and see it shot up the next day.

      • plmko on 02/08/2020 - 14:42
        +1

        I didn't know Australia started with a U and a S.

        • whooah1979 on 02/08/2020 - 15:04
          +1

          A US stralia?

      • brendanm on 02/08/2020 - 16:26

        I would assume that most super funds have fairly low exposure to US markets unless you specifically select it.

  • redfox1200 on 02/08/2020 - 14:15
    +3

    thats strange, my units have gone up by around 150 units twice this month

    • smalltime0 on 03/08/2020 - 10:19

      shhhh, us super managers aren't suppose to tell them that we're taking their units.

  • bloom on 02/08/2020 - 14:26
    +2

    This is a big conspiracy and requires a joint investigation between four corners and the Sydney morning herald! Hopefully they can find an anonymous source throwing wild allegations like “when the share market goes down so does your super”

  • kerfuffle on 02/08/2020 - 14:30
    +1

    Time to change your investment strategy to something less risky if you think your Super fund is stealing from you …

  • JetLi on 02/08/2020 - 14:36
    +14

    They steal through the fees they charge.

    • Vote for Pedro on 05/08/2020 - 08:13

      Industry super has the lowest fees around.

  • randomusername2017 on 02/08/2020 - 17:15
    +3

    I started taking screen shots of their app in 30 days

    Assume you have an online account with them then…

    There is a wealth of information in that account, all fully transparent… run any one of a number of reports within your account and it will show every cent accounted for…

  • Cave Fire on 02/08/2020 - 17:46

    it's a good point that the economy rebounded, but not the super unit prices….

  • Brooklyn on 02/08/2020 - 19:25

    Well you could start by learning to spell that would increase your value.
    REST are not stealing from you. COVID-19 is though.
    If you have issues with your super talk to your accountant.

  • Donaldhump on 02/08/2020 - 19:54

    When you pay fees, have contribution tax applied at quarter end etc they sell your units.

    Surely you can see the transactions performed on your account.

    I’d if your contribution tax is due and it is $1000 and your units are worth $2, you will 500 units disappear.

    Rofl at the police comment though

  • ihbh on 02/08/2020 - 20:15

    My Super Is Stealing from Me

    Let's reword this … My super fund is stealing from me.

    Okay, I'll bite. Do you know if it's just stealing from you or some or all of the other members?

    If it's just you, then why you? Do they think you're the dumbest member, that is, the easiest mark?

    Can you hazard a guess as to what the super fund is doing with this stolen money? Topping up other members' accounts? The CIO funding his pokies habit?

    We need this information to help you investigate further.

  • thors_hammer on 02/08/2020 - 23:13
    +8

    Follow this link to REST's Investment guide pdf
    https://rest.com.au/NEW-Document-library/Guides/PDS/RES0495_….

    The go to page 28 and read it.

    It's very poor form for your Super company to not explain this to you when asked to. I wouldn't remain invested in a company that doesn't take their customer service responsibilities seriously.

    BTW there is the Australian Financial Complaints Authority https://www.afca.org.au/make-a-complaint/superannuation to whom you can contact to make a complaint about a Super products.

    It is not unheard of that Super has been stolen. https://www.businessinsider.com.au/early-access-super-scheme…

    • Wonka on 03/08/2020 - 07:58
      +1

      The last point is very important. Look at the transaction listing to confirm if there has been movement out of the account - which could be an indication of theft. (Unit fluctuations is not).

    • jerrus on 04/08/2020 - 16:17
      +1

      I worked in the same company that handles calls from rests members, the phone staff are highly restricted in what they can say over the phone to avoid giving incorrect or incomplete information. Normally the agent would advice that the question could be answered in the PDS or that it should be submitted in writing to ensure a proper response is given, they may also have offered a callback from a senior person able to explain it further. I suspect this happened but OP didn't mention it in his post (not having a go at OP but we probably don't have the full context of the call, even if OP doesn't remeber this fully all the calls are recorded and normally complaints against staff are based on not listening to what is said)

      Expecting a super fund to have staff on hand for detailed queries of this nature would result in a very large increase in fees to cover having such specialised staff on hand and is unfair to the vast bulk of members that don't need this level of support.

  • Chocka12 on 03/08/2020 - 09:28
    +2

    If you're implying that your super fund is stealing from you through exorbitant direct fees then yes, it could be true.

    The number of units will usually decrease due selling of assets for any of the following reasons:

    i) withdrawals
    ii) investment portfolio switching
    iii) insurance premiums
    iv) direct fees i.e. member fee, binding nom fee (yes, some funds charge an ongoing fee just to have a binding nomination)
    v) any other direct fees i.e. servicing fees, some management fees

    As others have suggested, look at the transaction history on your statement, specifically all the debits. The transaction history should show you the dollar amount debited, what the transaction was for AND the corresponding unit balance. You should be able to see exactly which transactions are causing your unit balance to decrease.

    Fluctuation in the market due to volatility will cause the 'unit price' to vary however the number of units should remain unchanged except for the reasons listed above.

    Don't rule out theft because it can happen (as per a recent case at AMP where a staff member was found to have been stealing out of customer accounts by making withdrawals).

    Do the homework on your statements. That's what they're there for. Grab a highlighter and look for any transaction that's out of the ordinary.

    Good luck

  • OzHunterNSW on 03/08/2020 - 09:55
    +1

    It is not back at pre-pandemic levels… where have you obtained that assumption from?
    If you are only down 10k… then you are one of the lucky ones.

  • snooksy on 03/08/2020 - 13:47

    The superannuation industry is highly regulated. All transactions have to be reported to the Financial services authorities and account balances have to align with investments held by the funds. It’s highly highly unlikely they are stealing from you. It’s slightly possible that a mistake has been made By the fund but also very doubtful. Tax, fees, insurance all get deducted at various times of the year or month. Phone your fund and ask them kindly to explain the charges you are seeing. I’m almost sure there’s a simple explanation. If you don’t understand then perhaps ask for an explanation in writing because you don’t understand. Also try not to jump to conclusions on things that you don’t fully understand.

  • CandyMan on 03/08/2020 - 14:33

    This is more complex than it looks
    It depends on the investment portfolio and how your funds are distributed

    Your observations about the stock market reflects the market as a whole

    If you are not happy with them you can shop around or go self managed

    It is well recognised that super overcharge members through fees and other things but that is all legal

    • Vote for Pedro on 05/08/2020 - 08:21

      Do you have any evidence to support your last comment because it is even more well recognised that industry super have some of the lowest fees

      • CandyMan on 08/08/2020 - 19:24

        Obviously you haven’t been following super news
        Here’s a 2018 article, you can use google to find out more at your convenience

        https://www.google.com.au/amp/s/amp.news.com.au/finance/supe…

        • Vote for Pedro on 09/08/2020 - 10:41
          +1

          Lol yeah of course, those are for profit retail super funds. Absolutely disgusting.

          Here, old mate we’re talking about industry super which is run for members not big bank shareholders.

          But, if you’re referring only to retail for profit super funds as referenced by that article, then we are in agreement.

  • Drakesy on 03/08/2020 - 18:57
    +1
    1. I left REST because i didn't agree with their investment strategy, wasn't the most ethical super company going around.
    2. 10k loss is all relative. Australian Super for me only went backwards 3%, so if you have super of 300k this would be understandable.
    3. If you were invested in a high return product you might of seen your money wiped out as these tend to take the longest to bounce back.
  • phr0 on 03/08/2020 - 19:05
    +5

    Full disclosure - I have my super with REST.

    Saying REST is stealing your super is like saying Westpac is stealing your savings..

    REST is one of the largest industry super funds in Australia (top 3 I think, Aussie super is the largest). Whilst not the best, REST is generally a good manager - and has always been in the top 50 performing funds (although we can't know if this is going to continue).

    https://www.superguide.com.au/table-top-30-balanced-options-…

    If your balance is going down, it is because of:
    1. You haven't opted out of insurance. (not that I think you should, its actually pretty cheap for with REST depending on your job).
    2. Market movement - stop checking it every day.
    3. Admin error on their side. You can easily check this by looking at your annual statement and confirming against the records you have from your employer.
    4. You just don't understand how it works.

  • CalmLemons on 03/08/2020 - 20:18
    +1

    ROFLMAO.

    Come on this has to be a troll post.

    Super fluctuates based on the 'value' of investments. If you're with rest, you're most likely in core strategy which has a certain proportion of investments in property, cash, overseas shares, Australian shares.

    You units may decrease or increase due to fees or reinvestments.

    "I noticed Share market is not back at same level before pandemic all the stock prices almost the same or more before pandemic started but my superannuation balance is still down almost 10K then the balance before pendamic"

    Your super is not just invested in the 'share market'. The share market, consists of overseas and australian shares. Australian shares have not recovered, only the nasdaq has.

    The share market is about 10-15% of your portfolio approx. For example, 5-10% of the portfolio (i'm jus guessing the %, you should look it up), is invested in PROPERTY. Rest had a recent downgrade of the value of the portfolio due to a devaluation of all retail and office buildings.

    The rest line is very busy, because 'some' people are out withdrawing their super to spend on stupid shit or putting it into their home loans, or people are calling them asking about things that are written on the web site. The above is written on their website under investment strategy and what you need to know.

    If you don't know what you are doing, (this is not financial advice), the general advice is to leave your super alone.

  • Oofy Doofy on 03/08/2020 - 21:32

    I look at superannuation like a backup for when, and/or if, you have an accident, injury or long illness and you're left up shit creek…. all because you weren't well read on insurance, and how important it is…maybe you didn't have enough .. Or the insurer finds a way to weasel out of a claim, or you aren't covered for long…

    And so then you're gonna need to use the balance to look after yourself.

  • mrvaluepack on 03/08/2020 - 21:39
    +5

    Now i understand why super fees are so high… they have to pay for call centers and customer agents to deal with crappy questions like this…

  • iDroid on 03/08/2020 - 21:56

    This chart of the S&P/ASX 200 explains what you're seeing: https://files.ozbargain.com.au/upload/82137/81750/xjo.png

    The market has only recovered about half its losses. The S&P/ASX 200 tends to be a fair measure of the broad market state.

  • avoidfullprice on 03/08/2020 - 22:30
    +1

    in last 30 days I noticed twice my units decreased and every time they took around 150 units off my balance

    Go to the Transaction History section of your account, it might tell you why. e.g. insurance, or tax, or account keeping fees

  • bmerigan on 03/08/2020 - 22:35
    +1

    I expect your 6-monthly statement will have all the detail on it you could ever need.

  • exp1 on 03/08/2020 - 22:38

    Surprised it hasn't been mentioned yet but OP have a look at Rests's unit prices which fluctuate daily:

    https://rest.com.au/member/investments/unitprices

    This might explain why the value of your portfolio changes on a daily basis in line with financial markets. In terms of units held - this could decline due to contribution taxes, admin fees and insurance.

  • DarkOz on 04/08/2020 - 07:26
    -1

    They are licensed to steal. Why do you think the big 4 banks wanted in and then caused a big scandal?

    When things were rosy between the GFC and Pandemic you don't actually notice it. It's like you don't notice your kids took a tenner from your wallet on pay day.

    • Vote for Pedro on 05/08/2020 - 08:26
      +1

      Well take your money out and do your own smsf. I’m more than happy with my industry fund - and I’ve done an smsf before. It’s a lot of work and not cheap.

  • Jackkkkkk on 04/08/2020 - 09:47
    +1

    Hahahaha comments did not disappoint

  • cwangv on 04/08/2020 - 10:50

    you maybe onto something, OP.
    Can you check if the date when your units count went down if your cash holding (% or dollar amount) in the same fund went up? If not, I am thinking they could have liquidated your
    holding to pay someone else given the massive amount of being withdrawn from super fund. Is your fund one of such? They are just hoping you don't check your balance until they move money back.

  • cashless on 04/08/2020 - 11:58

    When was this pendamic you speak of?
    Looks like someone has been stealing letters too

  • ComfortablyNumb on 04/08/2020 - 12:05

    Slow down, slow down!

    Who's been stealing your thoughts?

  • FromAtoZ on 04/08/2020 - 15:20

    Do you pay admin fees, insurance premiums, advice fees from your accoutn?

    When they deducted these fees, they needed to sell some units.

  • 91rs on 04/08/2020 - 16:22

    Everyone's being stolen from, they're a business not a charity.
    All of the fee's and charges are theft and there are only ways to try minimise it, sadly its a system we're stuck with and one that many wont ever be old enough to even access and spend the money later anyway.

    • Vote for Pedro on 05/08/2020 - 08:28
      +1

      Tin foil?

      Also, industry super is for members. Its business is to make money for members. Of course there are fees associated with managing billions of dollars in funds. Glad it’s not free with forum warriors in charge of managing my money.

  • DeeTrance on 05/08/2020 - 05:53
    +1

    If only you realise how much management gets paid in the super industry……. Actually you don't want to know.

    Where do you think they get the money from? That's right, from dipping into your super account under the guise of of different fees.

    • Vote for Pedro on 05/08/2020 - 08:32
      -2

      I for one am glad well paid professionals are running my super fund that has billions of dollars in investments.

      I’d rather them than people with “Degrees in Common Sense” who graduated from the “University of Life” (to quote alan jones and his fan base)

      • DeeTrance on 05/08/2020 - 20:33
        -1

        You are under the foolish assumption that "Well paid professionals" equal competent high achieving people. Some of the biggest numbnuts hold some of the most senior positions.

        • Vote for Pedro on 05/08/2020 - 21:38

          True, but I’m still glad they’re running mine because I’m averaging 13.5% returns over 10 years. So each to their own.

  • Vote for Pedro on 05/08/2020 - 08:09
    -1

    So, here’s the problem with us here in Oz. We dabble in the sharemarket and housing market and are shocked when there are negative years.

    This is a global pandemic with unemployment higher than 90’s and our first recession as well. These things happen - don’t expect to always be winning in the share market.

    I certainly don’t complain when my balance grows faster than the market.

    • Vote for Pedro on 06/08/2020 - 07:49

      I see the middle class entitlement is strong with some on OzB. “How dare my investments return a loss”

      So much for the attacks on millennials being the ‘entitled’ bunch

  • vid_ghost on 05/08/2020 - 08:42

    if you had 500k in super and it went down 20k then that looks normal and there's nothing to worry about. stocks go up and down

    if you had 50k in your super and it went down 20k then yes.. call your super company up and ask them why.. I'm sure they know whats going on with it.

    A diversified balanced or growth option should not be fluctuating too much

  • theblake on 05/08/2020 - 09:15
    +2

    Its simple, when you are not satisfied with the response from customer service ( who are often not adept at dealing with complicated matters), you should just file a complaint using their formal process as explained on their website.

    You will then get a more experienced person looking at your question who will be able to explain it.

  • ozaym on 05/08/2020 - 10:18
    +1

    Geez this community is harsh lol

    • jdawg7 on 13/08/2020 - 13:41

      Humour has no bounds. Harshness is the byproduct.

  • capslock janitor on 05/08/2020 - 14:03

    Just scrolled first few comments and put off.
    Reckon you’ll get better answers for this sort of thing on Whirlpool other than trolls here

  • Carmen Sandiego on 05/08/2020 - 17:19

    As someone who recently changed their super for similar reasons, I'd suggest to change (Please note that I am not a financial planner, no matter how many financial answers I give to my clients :/)

  • Vote for Pedro on 06/08/2020 - 07:54

    So, to all the people whinging and whining that super funds charge too much here are a few options:

    1. Shop around. Industry super have the lowest fees but some are better than others. And if that’s not good enough for you then Option 2
    2. Start your own SMSF and see how you go with costs and management time

    But I guess the middle class entitlement culture of I want something for nothing is strong with OzB.

  • whooah1979 on 06/08/2020 - 08:59

    The buck stops at the head of the funds. These people get paid millions of dollars in salaries plus bonuses every year. They have one task and that is to anticipate market movements. They did a pretty crappy job this year if their fund is in the red.

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