Excellent article. One thing you do not mention is the ability to do anything about it.

In four members of one family, all members of big Industry Super funds, with low balances had the following problems. There was no choice of funds, the employer did not allow choice (one Government, one giant supermarket chain and two small businesses). Insurance was compulsory and could not be stopped (This may have changed with recent legislation, but I bet there are loopholes). Balance transfer was not allowed. There is a Superannuation disputes tribunal, it is run by the funds, and refused to take action (I needed to supply documentation, but my Government Super Fund refused to even communicate) Communication was at best poor, usually non-existent.

The only way to change funds was to change jobs, and write off the entire balance held in super as it was consumed in tax, insurance and fees. We did.

Superannuation is a scam.

Final note, my Super Fund finally wrote to me after the entire balance was taken. They advised if I supplied more money, then the fees would be covered, and the account would not have to close due to the zero balance.

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I was in a defined benefit scheme for 38 years and am happily retired.even though my super was garenteed as a multipule of my income I still reckon super is a fantastic way to secure a comfortable retirement because of the multipule effect of the interest , but you need to have your debts under control cheers.

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I checked my account balance and found over a 3 year period host plus( my super fund) took out insurance fees of $7000 and left me with $2000 I found out through the tax office.prior to finding this out I had tried countless times to log into there web site to get a statement but no success so I left it thinking it they had my intrest at heart but no they were ripping me off and I didnt see it they were charging me $2,400 a year for a insurance policy that would give me $60,000 if I was injured a work what a joke I found out later that the form I signed when I joined was deceiving when it came to the insurance ,please help

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Same thing happened to me. Same company Host Plus. Couldn't access my account for ages, assumed surely they must be doing the right thing by the customer. $280 going in every week and Host Plus took nearly every cent for admin and TPD insurance. Theives. Same as any insurance company. Same as the banks.

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I have been with Media super, All was good when Covid hit I applied for some of my super and within 3 days I had it. Media Super was then taken over by C-Bus. And it all changed, I am 67 and am trying to get some super but have been made to jump through hoops ,couldn't access my account online , kept having to change my password at one stage was told I didn't exist!! after screaming and kicking they finally agreed to give me some of my super, from then on I was passed from person to person each saying they were putting me on a priority to their "team". It has been over a month,I haven't worked in twelve months because of Illness,a day ago one of the reps asked if I would like to complain ,I of course said yes,now they are drawing it out again,finally I went to Australian Financial Complaints Authority I placed a complaint,then I was told that this gives the Insurance company another 45days to even answer my complaint.Its my super why is this allowed?

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