http://www.abc.net.au/news/2011-12-13/unisuper-members-at-risk-of-losing-super/3729518 Needless to say... some people are not happy jan!
Damn, just rolled over my QHealth Super into UniSuper when I left, still, they lost most of it anyway so there wasn't much to roll over and now UniSuper have lost the rest, can't say I am surprised. I was filling in the esuperfund paperwork but got stuck when it asked for my Tax File Number, I think I will have a better look for it now.
Agreed 1000% Then with UniSuper the unions agreed as part of the enterprise bargaining agreement to forfeit the right to choose a super fund.. so they workers at the unis involved are stuck.. which really sucks. Then raises the question about unions and their association with the government and then the governments motives with regards to super and on and on an on... ouch! to scary for me!
They did send me a letter yesterday about the defined benefits and they happenned to mention that it wasn't their fault, something to do with the Global Financial Crisis, haven't they heard that it is different in Australia? I didn't read the letter though, it was well over seven lines long! They generally say.... We are taking your money, there is nothing you can do about it, you have no choice, we are going to piss it up a wall and you are going to die penniless and alone. Here is an end of year statement that details which bars we spent your money at, we had a great time, thanks and here's the bill for our services, don't worry, we already paid it for you out of the few remaing funds you have left, which we are saving for the fund's Christmas Party, see you next year sucker! Or something along those lines, as I say I don't read them. However I will be reading the one from eSuperfund, can you roll-over $1.27 ?
So does this mean I cannot chose to have a self managed super fund or does it just mean that I can only have UniSuper if I go with a (mis)Managed Super Fund? That would really suck, do you know how much stationery I will have to steal to cover the losses?
I think it all depends on what Uni you are with and also what the agreement is. I know that my wife is stuck.. and that is it. the only good thing is that they keep getting these crazy pay rises..well.. now that I think about them.. they are normal pay rises.. it is just that I get sh$t ones! haha
23 minutes on hold with UniSuper, apparently they have had a lot of calls today, more than usual apparently! The Defined Benefits (default setting) is as good as lost and anything else that gets added will probably go the same way, must look into that. However the QSuper money went into an accumulation account and will soon be on its way to becoming a very small stack in the SMSF, hardly seems worth it really, $32,000 so the fees will not be negligible. The advisor suggested that unless you had several 100k it would not be worth it because of all the set up and running fees but I mentioned eSuperfund and he agreed that it was better than most. They are bringing out some new packages next year and resources will be one of the options, but it isn't going to be specifically PM and you don't get to hold it. It looks like I am going to have to read the damn paperwork after all!
I copied this off of Uni supers web site UniSuper Management and its directors, officers, employees and associates accept no liability whatsoever (including by way of negligence) for any loss or damage, however caused, as a result of any person relying, in whole or in part, on any information made available on the website, being unable to access the website or for any damage to equipment or data as a result of accessing this website. It should also state that they make no apology for the obsecene non disclosure of excessive directors fees and perks that the Union appointed directors receive. Don't forget the TV advert about how industry funds are there to look after workers entitlements it should have in the disclosure statement that means the directors entitlements not the stupid employess. The members are only there to be bent over so the hard labour mob can drive it home:lol: Kind Regards non recourse
Here is Uni super's submission that they put in back in 2009/10 to the Cooper review http://www.supersystemreview.gov.au/content/submissions/downloads/UniSuper_100219.pdf Back then they were saying; The UniSuper DBD today is by far the largest open DB scheme in Australia, with some 68,000 current contributing members, 5,800 current pensioners and assets of approximately $9.5 billion, or around 37% of UniSupers total assets of $25.4 billion (at 31 December 2009). New members join the UniSuper DBD at the rate of approximately 10,000 per annum, with departures due to resignation running at around 4,400 and retirements 1,500. DB stands for defined benefit that is suppose to mean that no matter what happens the employee does not lose benefits. If the share market tanks the employer has to stump up more cash but...... In 2006 the super deed was changed the Union appointed Trustees and the University employers came to an agreement that meant the members many who have been in the fund for 30+ years were exposed to the vagaries of the share market If you are in an industry or retail fund get out!!!! Kind Regards non recourse
My wife is in Qsuper and I am in UniSuper, neither of us has much choice in it and have given up the money as already lost, hence we have made no voluntary contributions despite the government offering to give us tax breaks or match the contributions. Why would the government, whose job seems to be revenue raising, offer to give us tax breaks or match the contributions if there wasn't something in it for them, if they were intersted in us saving tax they could just charge less tax, if they were interested in making us more responsible savers they could make interest rates on savings more appealing. I think they are just trying to get us to give them more money to play with.
A member here managed to get out of QSuper but by all accounts it was tough going and the cheque was made out from the Treasury Department NOT Qsuper
Really guys....... By being on this website I would have thought people here would be more cautious about investing super in stocks etc given current financial crisis. Can hardly plead ignorance! You do know UniSuper gives you an investment choice? You can invest in cash, fixed interest, shares, property etc. Here is the investment results from Unisuper for last 12 months.
Just joined here but have to chime in. Sorry, I am in the no sympathy camp I have made plenty of investment mistakes and take full responsibility for my screw-ups. So.. On joining UniSuper in 2005 I read the PDS and it was very clearly stated that the defined benefit pension was dependent on investment performance, in other words not a defined benefit. Given this there was actually no advantage (I could figure out) to having DB over Accumulation. I give up some control for what? A worthless pension guarantee with no possibility of improving my benefit. So I immediately switched to Accumulation 2. I ALSO switched to cash about 18 months ago. I did have some losing periods in the GFC, so not as timely as it could have been, but of course the last 6 months on the stock market hasn't affected my balance. Anyone asking the question "What is defined benefit?" would have discovered the answer, and presumably anyone interested enough in investing to be reading this forum would have raised an eyebrow at the information in the PDS! I've got an office full of blokes at work who ignored my concerns which I rather graciously shared End "I told you so, rant". No offence intended Regarding solutions, well ,anyone still in DB can still consider transferring to Accumulation 2 to prevent exposure to a future downgrade (it hasn't happened yet). Even though you are committed to contributing to UniSuper I believe partial rollovers should still be allowed, though you may have to watch how this affects the included insurance. I'll be looking into a partial rollover for myself as I want to go the esuper route.
dw about it man, you're not the only one hopping from one leg to the other pointing and saying "i told you so", followed by "nana nana na na!"
I'm 37. Wife and I have a significant amount in HealthSuper. Do I start up a SMSF? Will this 'protect' what I have accumulated from pilfering pirates?
