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VIC Super Funds Dwindled to Zero - Who is Responsible?

Discussion in 'Superannuation Law Forum' started by Sickofbendingover, 1 November 2017.

  1. Sickofbendingover

    1 November 2017
    Likes Received:
    Started new job with major hardware retailer in Victoria.

    Personal details were supplied to major retailer upon signing up (email, phone, address, preferred superannuation fund). I left the job and went back into my normal work. Did not give my superannuation a second thought, until the ANZ said they had found some of my superannuation.

    I did some investigating and found that they had been paying into the REST fund. I contacted them recently and they informed that there was no money, the account had been closed because of insufficient funds. They had burnt $1900 with fees and charges, (income protection mainly)
    When I asked the fund why I had never been contacted, their response was that the major retailer had been contacted via their registered business address. (ie) Extra income protection, extra death cover had led to the demise of my money. So my employer opened the account on my behalf, only supplied my postal address with no other details.

    My question : Is the super fund responsible for making positive contact with a member ?
  2. Iamthelaw

    Iamthelaw Well-Known Member

    13 September 2016
    Likes Received:
    Did you actually elect to take up the additional services at the additional cost?

    You could try this link for more information or to lodge a complaint:
    Superannuation Complaints Tribunal
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  3. Clancy

    Clancy Well-Known Member

    6 April 2016
    Likes Received:
    Funny thing is, if by chance during that time, you had a need for income protection, you would never have known you had it/had paid for it and you would have gone on struggling without it.

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