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miriam_ehttp://www.alternet.org/module/feed/mobile/?storyID=21690
I know various people who have seen their now-privatised superannuation funds entirely eaten up by greedy corporate charges. One friend, growing alarmed at how it kept getting smaller instead of bigger went to the bank to withdraw what remained (normally you are not allowed to, but there is a hardship loophole) and the bank clerk told him "Oh, sorry, the last of it just disappeared in charges."
I know various people who have seen their now-privatised superannuation funds entirely eaten up by greedy corporate charges. One friend, growing alarmed at how it kept getting smaller instead of bigger went to the bank to withdraw what remained (normally you are not allowed to, but there is a hardship loophole) and the bank clerk told him "Oh, sorry, the last of it just disappeared in charges."
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Date: 2005-04-08 05:42 am (UTC)It's no different to banking: There are lots of alternatives out there. There are big ones with big fees and there are better alternatives. Good employers have offered good super choices in the past. The downfall has been that plenty of crap employers didn't care and didn't offer a decent option, but that'll be fixed from July 1.
I've been slightly lucky: The only job I've done with no decent super options was some vic public service work which was short enough that I was able to cash it out after I'd finished. Had to argue with them a bit though. ("No, I don't want the insurance that you're deducting without having ever asked me!" ... "No, I won't accept paying fees for 3 months when I want the money immediately and your paperwork is what's slowing it down!")