'Australian Super' superannuation
Feb 13th 2012, 9:09 am
#1
Just Joined
Thread Starter
Joined: Feb 2012
Posts: 5
'Australian Super' superannuation
Hi,
I believe Australian super may have made a mistake calculating the amount of money in one of my superannuation 'pots' (e.g. Australian shares, fixed intereest etc). In fact I know they have because one of them has a negative amount of money 'invested' in it, which is not meant to be possible.
They used to send out 'account summary in detail' statements which showed how each of the different pots of investments had performed over 6 months, the investment switches fees, taxes etc.
They've stopped doing this now and only seem willing to give a total amount of money in each pot. I'd really like them to give me an detailed account of how they've done the calculations on my account on a month by month basis, but they're refusing to do so - or claiming that it's not possible which is pretty much the same thing.
Does anyone know of any rules that superannuation funds need to follow in breaking down how your money has been affected by investment returns, fees, taxes etc?
It seems insane to me that they're managing reasonably large amounts of cash, and are unwilling to show how it's been handled.
cheers
Dan
I believe Australian super may have made a mistake calculating the amount of money in one of my superannuation 'pots' (e.g. Australian shares, fixed intereest etc). In fact I know they have because one of them has a negative amount of money 'invested' in it, which is not meant to be possible.
They used to send out 'account summary in detail' statements which showed how each of the different pots of investments had performed over 6 months, the investment switches fees, taxes etc.
They've stopped doing this now and only seem willing to give a total amount of money in each pot. I'd really like them to give me an detailed account of how they've done the calculations on my account on a month by month basis, but they're refusing to do so - or claiming that it's not possible which is pretty much the same thing.
Does anyone know of any rules that superannuation funds need to follow in breaking down how your money has been affected by investment returns, fees, taxes etc?
It seems insane to me that they're managing reasonably large amounts of cash, and are unwilling to show how it's been handled.
cheers
Dan
Feb 13th 2012, 8:44 pm
#2
Lost in BE Cyberspace
Joined: Apr 2004
Posts: 10,375
Re: 'Australian Super' superannuation
Hi,
I believe Australian super may have made a mistake calculating the amount of money in one of my superannuation 'pots' (e.g. Australian shares, fixed intereest etc). In fact I know they have because one of them has a negative amount of money 'invested' in it, which is not meant to be possible.
They used to send out 'account summary in detail' statements which showed how each of the different pots of investments had performed over 6 months, the investment switches fees, taxes etc.
They've stopped doing this now and only seem willing to give a total amount of money in each pot. I'd really like them to give me an detailed account of how they've done the calculations on my account on a month by month basis, but they're refusing to do so - or claiming that it's not possible which is pretty much the same thing.
Does anyone know of any rules that superannuation funds need to follow in breaking down how your money has been affected by investment returns, fees, taxes etc?
It seems insane to me that they're managing reasonably large amounts of cash, and are unwilling to show how it's been handled.
cheers
Dan
I believe Australian super may have made a mistake calculating the amount of money in one of my superannuation 'pots' (e.g. Australian shares, fixed intereest etc). In fact I know they have because one of them has a negative amount of money 'invested' in it, which is not meant to be possible.
They used to send out 'account summary in detail' statements which showed how each of the different pots of investments had performed over 6 months, the investment switches fees, taxes etc.
They've stopped doing this now and only seem willing to give a total amount of money in each pot. I'd really like them to give me an detailed account of how they've done the calculations on my account on a month by month basis, but they're refusing to do so - or claiming that it's not possible which is pretty much the same thing.
Does anyone know of any rules that superannuation funds need to follow in breaking down how your money has been affected by investment returns, fees, taxes etc?
It seems insane to me that they're managing reasonably large amounts of cash, and are unwilling to show how it's been handled.
cheers
Dan
Most people with super would have money going backwards.
Its invested in many areas but mainly shares and if they go down the super goes down.
Super was going up when the all ords were 6000+ now they hover between 3800 and 4300, many people have lost a heap of their retirement savings.
Many older australians are now trying to stay in the workforce, hoping that super will eventually go back up.
The blurb is it will eventually recover so leave it where it is.
You can switch your fund to a cash option, where its more likely to earn a tiny but stable rate, however if you have a negative balance then you will simply be locking the losses in.
Super fund have to send annual statements, Including all fees etc. Also the info should be on their website as well.
If they wont disclose this info report them!!
Last edited by jad n rich; Feb 13th 2012 at 8:49 pm.
Feb 14th 2012, 1:45 am
#3
Just Joined
Thread Starter
Joined: Feb 2012
Posts: 5
Re: 'Australian Super' superannuation
Yeah, will do.
Feb 14th 2012, 12:31 pm
#4
Forum Regular
Joined: Nov 2007
Posts: 152
Re: 'Australian Super' superannuation
Australian Super are cheap. You get what you pay for.
