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?

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        Vote for Pedro on 06/08/2020 - 20:19

        That’s not what your comment referenced. Your comment indicated “they did a pretty crappy job if their fund is in the red” because “These people get paid millions of dollars”

        So who were you talking about and how did they compare with like for like investment advisors?

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          whooah1979 on 06/08/2020 - 20:53

          @Vote for Pedro: I can't find Andrew Howard's salary online, but here are some of the others on the industry.
          https://www.investmentmagazine.com.au/2020/02/2020-super-fun…

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            Vote for Pedro on 06/08/2020 - 21:28

            @whooah1979: I’m not disputing fund managers are well paid. In fact they should be. The link you made in your original comment was suggesting they were well paid and made a loss. Keen to see which well paid one made a loss.

            Also, I certainly hope you hold all to the same standard not just taking a shot at super funds.

            One problem we have in Australia is we think the share market is a guaranteed return and cry when it falls.

            Also, from your own article earlier “Given the complexity of the roles and size of the sector, salaries need to be at a level that not only attract good talent but retain it” and i agree. Some are $50billion+ operations. $1.5million is not unreasonable (no matter how staggering to the average punter).

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  Cave Fire on 08/08/2020 - 19:50

  Suggest going in person and getting hard copies from now on. Perhaps it is a sell off as other's have suggested and you will get new units in a different name.

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