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32 bill/yr in fees stolen by super fund scammers (Read 3062 times)
Sir lastnail
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32 bill/yr in fees stolen by super fund scammers
Jul 2nd, 2020 at 3:40pm
 
And yet these financial advisors and commentators like that Irish fool on Raf Epsteins show last night will bleat and rant about how a lowly one off 10k payout that does not even equate to 10-20 billion all up is going to reduce their retirement payout by hundreds of thousands of dollars. Give me a break will you. Talk about ignoring the elephant in the room !! How much are we losing in the end because of this 32 bill a year extortion payment ?? Another thing is how come they charge so much for fees and all they do is throw our hard earned at the share market like it is a national casino only to lose it all in a market crash or correction ?? And how come they won't buy actual physical precious metals such as gold, silver platinum etc but it is ok to buy shares in a gold company ?? Even 10% allocated to precious metals would be reasonable but nothing nada !! Go figure !!

https://www.businessinsider.com.au/superannuation-super-fees-rise-32-billion-a-y...

Quote:
Australians are now paying a massive $32 billion a year in super fund fees


The fees paid by Australian to their super funds each year are rising.
Over the last year fees paid have increased by 10% to $32 billion, according to the data from Rainmaker Information.
The average superannuation fund member is paying 1.23% of their account balance in fees, up from 1.17% in 2017.
The latest numbers show Australians are still being hit by increasingly painful costs to have their retirement savings looked after.


The fees paid to superannuation funds have risen by 10% over the last year to $32 billion, according to data from Rainmaker Information.

The average superannuation fund member is now paying 1.23% of their account balance in fees, up from 1.17% in 2017.

Almost two-thirds of the fees charged by superannuation funds go to investment management with the rest to administration.

Self managed super funds, with a balance of $500,000 or more, were found by Rainmaker to be the lowest cost with an average total expense ratio of 0.82%.

Here’s how fees are split between investment and management:

The superannuation system is under pressure, being criticised in an investigation by the Productivity Commission and facing questioning at the financial services royal commission over the fees charged.

Australians are being bamboozled by superannuation, losing them billions every year in high fees, low returns and expensive insurance, according to the Productivity Commission.

Rainmaker says changes in fee disclosure makes it more important to understand what fees are for and what the fund offers.

“These changes have dramatically changed the comparative sticker price fees across the market with retail funds offering many of the lowest price MySuper products available,” says Alex Dunnin, Executive Director in Research and Compliance.

While the headline fee might be lower for some products it is useful to look at administration and investment components separately.

“Products offered by not for profit funds still have administration and member fees that are on average 50% cheaper than retail funds, but the fees for investment offsets this advantage,” says Dunnin.

“However investment fees vary according to what investment option the member takes up. Many funds offer low cost index options as well as higher cost more active diversified options. Ultimately fees, particularly investment fees should be seen in light of net investment returns and risk.”

The 2018 Rainmaker Fee Study analysed more than 2,500 fee options offered by 550 superannuation products representing 20 million member accounts.
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Bobby.
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #1 - Jul 2nd, 2020 at 3:56pm
 
It's a racket.

Quote:
And how come they won't buy actual physical precious metals such as gold, silver platinum etc


They can't cut a piece off every year for themselves.
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Sir lastnail
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #2 - Jul 2nd, 2020 at 3:59pm
 
Bobby. wrote on Jul 2nd, 2020 at 3:56pm:
It's a racket.

Quote:
And how come they won't buy actual physical precious metals such as gold, silver platinum etc


They can't cut a piece off every year for themselves.


or they want to keep all the fees they steal off us for themselves instead of paying  a repository to store the metal. Greedy greedy greedy Sad
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Bobby.
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #3 - Jul 2nd, 2020 at 4:05pm
 
Sir lastnail wrote on Jul 2nd, 2020 at 3:59pm:
Bobby. wrote on Jul 2nd, 2020 at 3:56pm:
It's a racket.

Quote:
And how come they won't buy actual physical precious metals such as gold, silver platinum etc


They can't cut a piece off every year for themselves.


or they want to keep all the fees they steal off us for themselves instead of paying  a repository to store the metal. Greedy greedy greedy Sad




Even after a lifetime of being taken by friends and enemies alike -
and then, just when you feel you have your possessions sure -
your health begins to fade -
that is of course the ultimate theft.
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chimera
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #4 - Jul 2nd, 2020 at 5:47pm
 
You've seen the pork barrel and stacked branch. Now it's the honey-pot.  Who said bees are endangered?
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Setanta
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #5 - Jul 2nd, 2020 at 6:14pm
 
chimera wrote on Jul 2nd, 2020 at 5:47pm:
You've seen the pork barrel and stacked branch. Now it's the honey-pot.  Who said bees are endangered?


Hmm! Pork roasted over a heap of smoldering faggots, basted with honey. Someone is eating well.
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Jasin
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #6 - Jul 2nd, 2020 at 6:40pm
 
Super was invented as another Industry just to create Employment. The job of having Employers pay extra into a Fund for Employees later in life to take pressure of the Government 'Pension' costs. These people working in Super take their 'cut' out of all that money.
Employer puts in $100
Super takes cut $25
Employee gets $75

It's a simple process and other 'Middle-Men/Women' industries get set up.

Before you went to an Employer for a job direct.
Now an 'Agency' gets paid to 'interview' your for the job, though mostly it's just a  peice of paper system. Even Agencies control the Employee sector 'for hire'. A whole new Industry, a whole heap of jobs.

The more Industries you make, the more powerful Australia becomes Economically. Our sly x4 Big Banks are some of the most powerful Banks in the world, with the highest Profits by a long margin. Maybe they should be running our Economy, not the dim-wit Politicians?

Then there are those businesses that ring you up on the behalf of charities and take their $20 service fee cut out of the $30 donation to the charity.

All about creating jobs - taking cuts.
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« Last Edit: Jul 2nd, 2020 at 6:47pm by Jasin »  

AIMLESS EXTENTION OF KNOWLEDGE HOWEVER, WHICH IS WHAT I THINK YOU REALLY MEAN BY THE TERM 'CURIOSITY', IS MERELY INEFFICIENCY. I AM DESIGNED TO AVOID INEFFICIENCY.
 
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Sir lastnail
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #7 - Jul 2nd, 2020 at 7:21pm
 
Jasin wrote on Jul 2nd, 2020 at 6:40pm:
Super was invented as another Industry just to create Employment. The job of having Employers pay extra into a Fund for Employees later in life to take pressure of the Government 'Pension' costs. These people working in Super take their 'cut' out of all that money.
Employer puts in $100
Super takes cut $25
Employee gets $75

It's a simple process and other 'Middle-Men/Women' industries get set up.

Before you went to an Employer for a job direct.
Now an 'Agency' gets paid to 'interview' your for the job, though mostly it's just a  peice of paper system. Even Agencies control the Employee sector 'for hire'. A whole new Industry, a whole heap of jobs.

The more Industries you make, the more powerful Australia becomes Economically. Our sly x4 Big Banks are some of the most powerful Banks in the world, with the highest Profits by a long margin. Maybe they should be running our Economy, not the dim-wit Politicians?

Then there are those businesses that ring you up on the behalf of charities and take their $20 service fee cut out of the $30 donation to the charity.

All about creating jobs - taking cuts.


But these are industries that don't actually create anything. They are just parasites that charge a lot of money to write words on a bit of paper Sad They then get legislation made to force us all to pay them money for their bullshit services Sad

To add insult to injury they then invest peoples hard earned money into so called industries and businesses that don't do or create anything either. How much super is being poured into businesses of the likes of Harvey Norman or Kogun who create absolutely nothing and import everything by the container load !!
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Captain Caveman
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #8 - Jul 3rd, 2020 at 8:37am
 
I hate the idea of super.
It feeds parasites that don't want to give you your money back....and work with gov to raise the age you can access it.

I would rather have the money now.
I have enough to buy another house outright. Better than hoping to access it in years to come or losing it because of a downturn.
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Grappler Truth Teller Feller
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #9 - Jul 3rd, 2020 at 8:56am
 
Setanta wrote on Jul 2nd, 2020 at 6:14pm:
chimera wrote on Jul 2nd, 2020 at 5:47pm:
You've seen the pork barrel and stacked branch. Now it's the honey-pot.  Who said bees are endangered?


Hmm! Pork roasted over a heap of smoldering faggots, basted with honey. Someone is eating well.



Honey basted ham over the fire...
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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams
 
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Grappler Truth Teller Feller
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #10 - Jul 3rd, 2020 at 9:03am
 
Another example of the private enterprise model having failed us all?

The Dread Highway Robber Greiner and his 'user pays' has a lot to answer for... privatised roads, privatised power supply, privatised gas - privatised everything under the sun and then globalised on top of it - all requiring shareholders be paid on top of running costs, and virtually no taxes paid since it's all Offshore now..

Anyone with any idea will tell you that a company contracting - and paying $30 an hour to workers - is charging $60 + per hour for the work - ergo at least 50% of the cost goes to those running the show.

Look at the cost of homecare... the worker on the ground gets about $28 - figures per hour per company range from $6o+ to $115+ per hour.  How is that 'efficient'?  The ex's daughter just took over caring for a poor guy with MS - totally - he's happy to pay her what he was paying the company, and  both are better off. and comparatively hassle-free - no man agers coming in with impossible demands... then blaming the coalface operator ...

Told her to set up her own business......   Shocked
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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams
 
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Sir lastnail
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #11 - Jul 3rd, 2020 at 11:07am
 
Grappler Truth Teller Feller wrote on Jul 3rd, 2020 at 9:03am:
Another example of the private enterprise model having failed us all?

The Dread Highway Robber Greiner and his 'user pays' has a lot to answer for... privatised roads, privatised power supply, privatised gas - privatised everything under the sun and then globalised on top of it - all requiring shareholders be paid on top of running costs, and virtually no taxes paid since it's all Offshore now..

Anyone with any idea will tell you that a company contracting - and paying $30 an hour to workers - is charging $60 + per hour for the work - ergo at least 50% of the cost goes to those running the show.

Look at the cost of homecare... the worker on the ground gets about $28 - figures per hour per company range from $6o+ to $115+ per hour.  How is that 'efficient'?  The ex's daughter just took over caring for a poor guy with MS - totally - he's happy to pay her what he was paying the company, and  both are better off. and comparatively hassle-free - no man agers coming in with impossible demands... then blaming the coalface operator ...

Told her to set up her own business......   Shocked


Yep plenty of freeloaders doing nothing that get paid the lions share !!
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Sir lastnail
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #12 - Jul 13th, 2020 at 8:01pm
 
Just heard that people have already taken out 29 billion in early release payments from their super. Almost equates to 1 years theft by the super fund managers Sad At least it will be used by its rightful owners Wink
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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John Smith
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #13 - Jul 13th, 2020 at 8:16pm
 
Here's an idea ... why don't you all start a super fund that you will manage for people for free.
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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freediver
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Re: 32 bill/yr in fees stolen by super fund scammers
Reply #14 - Jul 13th, 2020 at 8:22pm
 
Quote:
And how come they won't buy actual physical precious metals such as gold, silver platinum


They will. Most people choose not to.

https://www.superannuationwarehouse.com.au/how-to-buy-gold-with-your-superannuation/#:~:text=Using%20the%20superannuation%20fund%20to,future%2C%20particularly%20investments%20in%20gold.&text=Some%20super%20funds%20allow%20for,are%20limited%20to%20indirect%20investments.

Australians are always on the lookout for new ways to fund their transition into retirement. Using the superannuation fund to invest in precious metals commodities is a financial channel that many utilize to secure their future, particularly investments in gold.

Before making any decisions on how you want to get involved in purchasing gold, the first step to take is to check if your current fund has gold investment options. Some super funds allow for direct investment, meaning that you can purchase gold bars and coins, but other funds are limited to indirect investments. Contacting a financial advisor will help determine whether you should invest in bullion, mining shares, ETFs, or managed funds.

Quote:
Here's an idea ... why don't you all start a super fund that you will manage for people for free.


I would happily manage my own for free. But the government won't let you look after your own savings.
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