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

Fees and Charges in Superannuation

Super fund associations felt that the apparent lack of transparency in the fees reflects the lack of understanding among consumer. Information on fees and charges like that offered by the PDS are considered as too complicated and too much for consumers to comprehend. Thus, there is a tendency for consumers to operate with the mind-set of how much it can cost them instead of what they are paying for. Again, super fund associations see this as a concern where the solution is not more information but simpler more consumer-friendly information.

Present Super Guarantee Level

Super fund associations reported that the current system and the 9% superannuation guarantee are seen only to provide sufficient funds for retirement if the amount has been contributed consistently over a full working life with no breaks in employment. They felt that the current system gave lower income people less incentive to contribute voluntarily to superannuation compared to those on higher incomes.

Super fund associations saw that the changes to super, like the capping of concessional contributions and lessening of co-contributions arrangements that gives the further disadvantage to those with lower incomes, have broken work records and those who are topping up their super to the end of their work life.

Age Pension

Super fund associations saw the age pension as a kind of welfare benefit and to be only sufficient for a restricted lifestyle. Being capable of living of superannuation or supplement pension allowances with super, is considered a matter of dignity and is crucial for retirees who have only a modest amount of their savings.

Superannuation fund associations have also expressed worry about people who don't have their houses with regards to how they can continue to pay the rent along with other basic living expenses if their pension allowance was their only means of income. The age pension is viewed as a crucial safety net and one that must be supplemented or replaced with an additional income in a majority of cases.

If you are intrigued about this topic, then know that you will find information about it on our site. And if you have trouble finding lost super, call our administrators at 1300 252 167

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