Australian Politics Forum - First Guardian Super fund loses all their money:

Bobby. Gold Member Offline Australian Politics Posts: 112409 Melbourne Gender:	Re: First Guardian Super fund loses all their money: Reply #15 - Jul 16^th, 2025 at 2:15pm Casino - I think I'd like my money back.
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freediver Gold Member Offline www.ozpolitic.com Posts: 51123 At my desk.	Re: First Guardian Super fund loses all their money: Reply #16 - Jul 16^th, 2025 at 2:55pm Quote: However, the liquidator has flagged that they would give people who invested "priority" treatment in trying to recover their funds if they paid them a fee. WTF? That's a scam right there.
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freediver Gold Member Offline www.ozpolitic.com Posts: 51123 At my desk.	Re: First Guardian Super fund loses all their money: Reply #17 - Jul 16^th, 2025 at 2:56pm John Smith wrote on Jul 16^th, 2025 at 1:19pm: If govco wants to make super compulsory, it should guarantee it. The only thing the government can guarantee is higher fees and lower returns. There is nothing stopping you putting your super in a bank earning 4% interest if that's what you want.
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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #18 - Jul 16^th, 2025 at 4:52pm

freediver wrote on Jul 16^th, 2025 at 2:55pm:

Quote:

However, the liquidator has flagged that they would give people who invested "priority" treatment in trying to recover their funds if they paid them a fee.

WTF? That's a scam right there.

Scamming on top of scamming.

How could they have lost 100% of people's money?
If they put it in blue chip shares or Gold etc
that could not have happened.
It sounds like theft to me.

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John Smith

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Re: First Guardian Super fund loses all their money:
Reply #19 - Jul 16^th, 2025 at 4:55pm

freediver wrote on Jul 16^th, 2025 at 2:56pm:

John Smith wrote on Jul 16^th, 2025 at 1:19pm:

If govco wants to make super compulsory, it should guarantee it.

The only thing the government can guarantee is higher fees and lower returns. There is nothing stopping you putting your super in a bank earning 4% interest if that's what you want.

sure there is

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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: First Guardian Super fund loses all their money:
Reply #20 - Jul 16^th, 2025 at 5:06pm

John Smith wrote on Jul 16^th, 2025 at 4:55pm:

freediver wrote on Jul 16^th, 2025 at 2:56pm:

John Smith wrote on Jul 16^th, 2025 at 1:19pm:

If govco wants to make super compulsory, it should guarantee it.

The only thing the government can guarantee is higher fees and lower returns. There is nothing stopping you putting your super in a bank earning 4% interest if that's what you want.

sure there is

What is stopping you putting your super in a bank?

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People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

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Carl D

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Re: First Guardian Super fund loses all their money:
Reply #21 - Jul 16^th, 2025 at 5:09pm

I think the hardest thing would be trying to find a bank that pays 4% interest on savings these days. Or anywhere near it.

And... I'm so relieved I finished with all this superannuation BS nearly a year ago and I'm now on the age pension.

I must have paid at least $5,000 in fees to have my super paid to me as a monthly pension for 5 years. What a rort.

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** Repeat Covid infections exercise our immune system in the same way that repeat concussions exercise our brain **

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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #22 - Jul 16^th, 2025 at 5:12pm

Carl D wrote on Jul 16^th, 2025 at 5:09pm:

I think the hardest thing would be trying to find a bank that pays 4% interest on savings these days. Or anywhere near it.

And... I'm so relieved I finished with all this superannuation BS nearly a year ago and I'm now on the age pension.

I must have paid at least $5,000 in fees to have my super paid to me as a monthly pension for 5 years. What a rort.

What - a $5,000 fee to withdraw your own money?

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Carl D

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Re: First Guardian Super fund loses all their money:
Reply #23 - Jul 16^th, 2025 at 5:16pm

Bobby. wrote on Jul 16^th, 2025 at 5:12pm:

Carl D wrote on Jul 16^th, 2025 at 5:09pm:

I think the hardest thing would be trying to find a bank that pays 4% interest on savings these days. Or anywhere near it.

And... I'm so relieved I finished with all this superannuation BS nearly a year ago and I'm now on the age pension.

I must have paid at least $5,000 in fees to have my super paid to me as a monthly pension for 5 years. What a rort.

What - a $5,000 fee to withdraw your own money?

I sat down and worked it out a couple of years ago... all the various "fees and charges" by the super company to pay me my own money as a monthly pension came to about $1,000 a year.

As I said... what a rort.

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** Repeat Covid infections exercise our immune system in the same way that repeat concussions exercise our brain **

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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #24 - Jul 16^th, 2025 at 5:18pm

Carl D wrote on Jul 16^th, 2025 at 5:16pm:

Bobby. wrote on Jul 16^th, 2025 at 5:12pm:

Carl D wrote on Jul 16^th, 2025 at 5:09pm:

I think the hardest thing would be trying to find a bank that pays 4% interest on savings these days. Or anywhere near it.

And... I'm so relieved I finished with all this superannuation BS nearly a year ago and I'm now on the age pension.

I must have paid at least $5,000 in fees to have my super paid to me as a monthly pension for 5 years. What a rort.

What - a $5,000 fee to withdraw your own money?

I sat down and worked it out a couple of years ago... all the various "fees and charges" by the super company to pay me my own money as a monthly pension came to about $1,000 a year.

As I said... what a rort.

Wow - I'm with Aussie Super - I hope they don't try that with me.

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Sprintcyclist

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Re: First Guardian Super fund loses all their money:
Reply #25 - Jul 16^th, 2025 at 5:18pm

Bobby. wrote on Jul 16^th, 2025 at 4:52pm:

freediver wrote on Jul 16^th, 2025 at 2:55pm:

Quote:

However, the liquidator has flagged that they would give people who invested "priority" treatment in trying to recover their funds if they paid them a fee.

WTF? That's a scam right there.

Scamming on top of scamming.

How could they have lost 100% of people's money?
If they put it in blue chip shares or Gold etc
that could not have happened.
It sounds like theft to me.

Yes, it was stolen.
I have seen this before, those that did it will get a very light minimal sentence, if any at all.

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Modern Classic Right Wing

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Jasin Gold Member Offline Posts: 53070 Gender:	Re: First Guardian Super fund loses all their money: Reply #26 - Jul 16^th, 2025 at 5:20pm Aussie was in Monks Super Fund.
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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #27 - Jul 16^th, 2025 at 5:22pm

Sprintcyclist wrote on Jul 16^th, 2025 at 5:18pm:

Bobby. wrote on Jul 16^th, 2025 at 4:52pm:

freediver wrote on Jul 16^th, 2025 at 2:55pm:

Quote:

However, the liquidator has flagged that they would give people who invested "priority" treatment in trying to recover their funds if they paid them a fee.

WTF? That's a scam right there.

Scamming on top of scamming.

How could they have lost 100% of people's money?
If they put it in blue chip shares or Gold etc
that could not have happened.
It sounds like theft to me.

Yes, it was stolen.
I have seen this before, those that did it will get a very light minimal sentence, if any at all.

Any fund should be diversified -
sure – they can take a risk with some of it -
but not the whole lot in a high risk venture. Roll Eyes

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Carl D

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Re: First Guardian Super fund loses all their money:
Reply #28 - Jul 16^th, 2025 at 5:27pm

Bobby. wrote on Jul 16^th, 2025 at 5:18pm:

Wow - I'm with Aussie Super - I hope they don't try that with me.

lol... don't get me started with Aussie Super.

I had a job that only lasted a month 10 years ago, they insisted I set up a separate super account with Aussie Super which I did.

When I finished working there after a month there was $103 in that super account which I forgot about for several months.

What made me remember was when I got a letter from Aussie Super saying the account had been closed because there was no money left in it - all gone in "fees and charges".

As I've said before - I've always wondered why the government didn't run Australia's superannuation system themselves but I think it's fairly obvious why... the banks and other companies must have been rubbing their hands together with glee thinking about all the fees and charges they could get and they told the government "we'll handle it".

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** Repeat Covid infections exercise our immune system in the same way that repeat concussions exercise our brain **

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Jasin Gold Member Offline Posts: 53070 Gender:	Re: First Guardian Super fund loses all their money: Reply #29 - Jul 16^th, 2025 at 5:30pm Hi Bobby. Can you lend me $60?
Back to top	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. IP Logged