I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

The Condition of the Superannuation system

They think the superannuation system has proven its worth with some significant grown in some years. The Superannuation Fund Associations think that because the latest economic meltdown didn't have a fatal effect on super shows just how strong and robust, the system is.

In essence, there's a high level of security against fraud that secures the system this is especially important when it comes to SMSFs. For instance, the trustee system seems to be performing quite well, revealing positive returns and growth. But there are the concerns that such high growth may be showing that SMSFs are stripping the resources need to monitor properly the individual funds as part of compliance. In one association this was an area that urgently needs reform.

Key Problems That the Super Fund Associations Identified>/h2>

Super fund associations thought that one of the key problems that need attention was the paying of commissions for advice which can generate conflicts of interest wherein the advisor gets more benefit for not giving the advice that suits the client best. It was thought that the need for an advisor to take the best interest of the clients at hands should be enforced.

Another weak area found by the super fund association is the inefficiency which resulted in the lack of utilization of electronic payments from employers and by superannuation funds in some cases. This has resulted in inefficiency, especially when it comes to choosing funds where the employer is required to work on multiple funds.

The superannuation fund associations are also worried about the lack of transparency and understanding of super funds from the view-point of the client. The fact of this matter is that a lot of people were shocked that the market downturn would impact super investments revealed a lack of knowledge on how the super system works. Super fund associations stress out that a better understanding of the structure will lead to better engagement and better decision-making and tracking of super benefits and accounts.

This may be information about superannuation that you have not encountered before. If you want more in-depth information about the subject, go to our knowledge base and read through our super articles. And if you have concerns regarding lost super, you can arrange a free consultation with our service by calling 1300 252 167

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