Superannuation Discussion + market volatility

[Pushka]

Welcome to the party.

When did you join? Because of this 'enhancement'?

 

[Pushka]

I recall someone here had issues closing an account then no longer being able to claim a deductable contribution already made.
Caution if eg moving from HESTA to keep it open, $1?

Thankfully not our situation for a couple of years now.

@QF WP - the thought of not even seeing our balances let alone be able to access our money (post 65) was too much to think about. It's like being locked out of your bank account for 6 weeks. And you can't even call up and find out the balance let alone track its progress. There has been no mention, at all, as to any growth these employer contributions may have during this time and most employees would have no idea their contributions weren't being allocated as it's only because we are in both camps that we can see the restrictions as an employee and an employer. Yet the Govt is soon to make it compulsory that contributions are paid each pay day. How can HESTA get away with it? I'm still angry, it's been very stressful until yesterday not knowing if there would be issues, and HESTA haven't even bothered to respond to a complaint after 3 weeks.

Amd the fact there's been no public voice about it suggests that most haven't read the email. Just one email. Wonder what will happen mid April. Then there's Easter. And Anzac.

Employees version.




And the employers version.

 

[Quickstatus]

When did you join?

Loooong time ago

 

[Pushka]

Loooong time ago

That's quite reassuring. Thanks.

Like my transition from myob to Xero, I'm a slow learner.

Weirdness is that when my kids started work I joined them up to Australian Super and they've been very happy with it.

 

[Brissy1]

Thankfully not our situation for a couple of years now.

@QF WP - the thought of not even seeing our balances let alone be able to access our money (post 65) was too much to think about. It's like being locked out of your bank account for 6 weeks. And you can't even call up and find out the balance let alone track its progress. There has been no mention, at all, as to any growth these employer contributions may have during this time and most employees would have no idea their contributions weren't being allocated as it's only because we are in both camps that we can see the restrictions as an employee and an employer. Yet the Govt is soon to make it compulsory that contributions are paid each pay day. How can HESTA get away with it? I'm still angry, it's been very stressful until yesterday not knowing if there would be issues, and HESTA haven't even bothered to respond to a complaint after 3 weeks.

Amd the fact there's been no public voice about it suggests that most haven't read the email. Just one email. Wonder what will happen mid April. Then there's Easter. And Anzac.

Employees version.

View attachment 436682


And the employers version.

View attachment 436683

Dreadful email to members, quite disingenuous. Nothing in the title indicating the main affect, suspension of access, and that info not stated until after paragraphs of guff.
Many members would have given up before they got to the end of the guff.

 

[Pushka]

Dreadful email to members, quite disingenuous. Nothing in the title indicating the main affect, suspension of access, and that info not stated until after paragraphs of guff.
Many members would have given up before they got to the end of the guff.

Yup. My thoughts exactly. Deliberately so as not to raise panic - or action. I read every email that I know is genuine. I think employers may not read it either and for them it has many implications if they haven't created the new QuickSuper account by then. HESTA dropped that change on employers the week before Christmas break last year.

 

[Pushka]

Starting to leak out now.

CRUNCH TIME FOR BIG SUPER AS BLACKOUTS BEGIN TO HIT - The Australian

 

[cove]

Don’t you just love it when a superfund gets fined the money is paid out of the super fund members accounts? I have always felt the fines need to be paid by the superfund directors.

 

[Pushka]

Don’t you just love it when a superfund gets fined the money is paid out of the super fund members accounts? I have always felt the fines need to be paid by the superfund directors.

It's like when Work Safety fines an employer for failing to keep safe practice when a worker is injured, and the worker doesn't get that fine money but it goes into state revenue.

 

[Brissy1]

Don’t you just love it when a superfund gets fined the money is paid out of the super fund members accounts? I have always felt the fines need to be paid by the superfund directors.

But, covered by directors insurance. Then the ins premium goes up, paid for by...
It would be nice if such directors refund/forgo their fees. Or resign.

 

[muppet]

But, covered by directors insurance. Then the ins premium goes up, paid for by...
It would be nice if such directors refund/forgo their fees. Or resign.

Agreed. There’s a massive disconnect for both member organisations and listed companies where members or shareholders are ultimately held responsible for management/director crimes or incompetence.

 

[Quickstatus]

ACCC wins a case. Defendant gets massive fine. Money goes to Govt.

 

[TheRealTMA]

But, covered by directors insurance. Then the ins premium goes up, paid for by...
It would be nice if such directors refund/forgo their fees. Or resign.

Directors of Australian companies, NEVER take responsibility or suffer financial or criminal penalties. The old “boys” restricted company directors network protects them.

 

[RAM]

Directors of Australian companies, NEVER take responsibility or suffer financial or criminal penalties. The old “boys” restricted company directors network protects them.

Remind me how many ex-senior public servants and ex-politicians end up with Board seats somewhere? Or as highly paid consultants to Investment banks (for example).

Some not quite so obvious, such as on the board for special purpose borrowing subs set up for PPPs such as the Sydney Desalination Plant, for example. Typically for short(ish) periods of 2 to 3 years.

 

[QF WP]

Dreadful email to members, quite disingenuous. Nothing in the title indicating the main affect, suspension of access, and that info not stated until after paragraphs of guff.
Many members would have given up before they got to the end of the guff.

Generally there should be a series of emails. The first is high level to give warning then they should give reminder ones.

Changing administrator, insurer or software is a massive task for a superfund. A lot of time and cost to map all the moving parts. The timeline for loss of access is very long in industry terms. I think they’ve padded it as they need to do plenty of work testing the information migration between admin platforms before they go live.

You’ve done what you need - lack of access is not peace of mind at either level (employer or employee). They’ll certainly believe apathy rules and not expecting a high level of transfers.

 

[Pushka]

Generally there should be a series of emails. The first is high level to give warning then they should give reminder ones.

Changing administrator, insurer or software is a massive task for a superfund. A lot of time and cost to map all the moving parts. The timeline for loss of access is very long in industry terms. I think they’ve padded it as they need to do plenty of work testing the information migration between admin platforms before they go live.

You’ve done what you need - lack of access is not peace of mind at either level (employer or employee). They’ll certainly believe apathy rules and not expecting a high level of transfers.

They sent just one email with the innocuous headline.

Anyway until Australian Super moves managers we are all set up. Employer contributions made Sunday were allocated to members today. Emails as employers and employees were sent to us.

If the cough hits the fan come mid April then future changes such as this must be impacted. The Australian has run a couple of articles but the Budget and then election will take over the news. The readers comments are scathing. But not enough traction generally.

I understand the difficulty. But the lack of communication and the quality of the communication is appalling. I feel sorry for those who simply didn't bother reading past the positive spin. I just got lucky. But I'm still angry about the three weeks of stress involved, the lack of response by HESTA to a direct complaint, and they are deciding to push back onto the ombudsman thereby delaying any action now, past the 31 March deadline for changes.

Where is ASIC in all this?

 

[RAM]

Where is ASIC in all this?

Hiding as per usual.