Superannuation theft.

[Old Koreelah]

I know of a few reputable Financial Planners, but the industry attracted crooks like sharks to a whale carcass. Wherever there's lots of money there is corruption, with lots of "donations" to keep political parties sweet.

 

No wonder the Guvmint resisted calls for a Royal Commission into the financial service industry. Every time they've set one up it bites them.

 

 

[coljones]

Those of us who did choose to save for our future have not been well rewarded.I worked during the sixties and also seventies. I saved and bought a house. In those days mortgage rates were up to 16% and inflation was running at 10% p.a.

 

I managed to buy my home and tuck a bit away for the future. Listening to the government I bought Telstra and Commonwealth bank shares. I cannot complain about how they have done in the past, but the future is not looking too rosy. If I sold them now they would bring in a lot less than a few years ago, but that would be due to government mismanagement of banking and communications.

 

Now the money I have in super is not earning anything like it used to and the financial advisers are taking their cut all the time. My financial adviser sent me some papers to sign a few months ago, basicly to appoint him as my adviser. My wife wonders why I have just ignored them. He was the bloke who told me that when the construction of the Curtis Island gas plants finished, it would not affect Gladstones economy. Now Gladstone has the cheapest rent of any city or town of more than about 10,000 people and house prices are about 60% of two years ago. Some financial genius that one.

move your super to an industry fund!!!

 

 

[coljones]

I know of a few reputable Financial Planners, but the industry attracted crooks like sharks to a whale carcass. Wherever there's lots of money there is corruption, with lots of "donations" to keep political parties sweet.No wonder the Guvmint resisted calls for a Royal Commission into the financial service industry. Every time they've set one up it bites them.

The fees for the big end of town funds are extortionate - lots of these fees find their way to the LNP. The fees for industry funds are much lower and less finds its way to unions thus reducing union fees. (and even less to the ALP)

 

 

[facthunter]

I think the Union run funds feature a 9 of the 10 best performing. They are not for profit. Why wouldn't they give better returns? .The banks milk all the profits away. Give them a stay in Bluestone College to think about it. A Fine is only hurting the shareholders. the Rotters still get their bonuses.. I was actually a Superfund Trustee once. Did it for NOTHING and a lot more $'s than Trumble has was involved.. You get to see how the other 1/2 lives when they try to persuade you to invest in "their" products. Nev

 

 

[Methusala]

Nev, I like your style, mate. The other night, while propped up in front of "The Drum", a discussion on what to do with banksters responsible for the CBA assist to criminals laundering "ill gotten" cash. I was screaming at the screen,"Put them in the clink! Hoover up their cash through the Proceeds of Crime legislation". Only language that these ultra criminals understand. The predominantly female commentariat did not seem to understand this method of dealing with "banking executives". Ironically, the next topic to come up was Harvey "the Ratfink" Weinstein. No ambiguity here! "Put him in jail for the term of his natural..." was the unanimous cry. Double standards anyone?

 

 

[kgwilson]

I have had super funds all my life. They were all employer super funds and when I left the company I was paid the amount of my balance including employer contribution and profit when I left. This was in NZ & there was no compulsory super except when introduced by the labour govt & then removed by the Nationals 3 years later & those who were forced in to it got a refund. I still have one of these funds & it was sold to AMP but luckily the original trust deed exists and they can't charge exhorbitant fees like they do in most of their retail funds.

 

When I bought my business in QLD I went with a bank based scheme not knowing any better. The fees were a ripoff & after talking to my Accountant set up a SMSF so I don't charge myself any fees. The catch is though that the ridiculous bureaucracy the government has set up to make sure you don't take the money and run after paying 15% tax max to put it in, costs several hundred in government fees and $1,320.00 for my accountant to file all the tax returns and forms etc every year even though at 68 I can use my money as I like. The whole process is a rort.

 

 

[spacesailor]

KGW

 

Not everyone got a cent out of that fiasco. None of my co-worker's, non of my my neighbors got a cent either !.

 

Just a big polies holiday paid by the stolen super funds.

 

spacesailor

 

 

[kgwilson]

I didn't get anything because I didn't put anything in. If I had I'd have made a claim & not wait for the government to do nothing. Two years ago there was $11.7 billion in lost Super according to the ATO, an average of 10k per person they have no address details for. Obviously some people don't know about the super that is theirs or don't care. Then there are plenty of employers who don't pay their employees super as well as their portion after deducting it from their wages, shut up shop or move somewhere else so the money never gets paid. Just another part of the superannuation disaster.

 

 

[spacesailor]

KGW

 

One neighbor was a Wharfee, The gov sold that company to Patricks stevedore company who didn't get any of the old workers super, The catch was retire early on part super, or start work with Patricks

 

And get nothing from previous employer (government). of course it wasn't all spelt out for them & most expected to have their super rolled over to the new employer, it didn't happen.

 

spacesailor