http://www.crikey.com.au/2009/09/30/dirty-secrets-of-the-retail-super-industry/ now with extra source Sun, 12 Feb 2012 00:37:58 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.crikey.com.au/2009/09/30/dirty-secrets-of-the-retail-super-industry/#comment-39362 Barry 09 Wed, 30 Sep 2009 06:12:18 +0000 http://www.crikey.com.au/2009/09/30/dirty-secrets-of-the-retail-super-industry/#comment-39362 Just means the Big Four Banks will get bigger and swallow up any competition and take more risks, because good old tax payers will pay if the deal goes bad. WIN WIN. Roll the dice. Just means the Big Four Banks will get bigger and swallow up any competition and take more risks, because good old tax payers will pay if the deal goes bad. WIN WIN. Roll the dice.

]]> http://www.crikey.com.au/2009/09/30/dirty-secrets-of-the-retail-super-industry/#comment-39338 billie Wed, 30 Sep 2009 04:47:54 +0000 http://www.crikey.com.au/2009/09/30/dirty-secrets-of-the-retail-super-industry/#comment-39338 I really question the independence of the Deloitte's survey for the Financial Services Association that shows that Australians pay similar fees to the UK but less than USA. Remember the next commission is dependent upon favourable reception of current report. Commonsense says that having a single superannuation body would reduce the administration costs of running 200+ funds with the obscene salaries paid to the directors of these penny ante outfits. The inability to keep track of your super payments as you move job and house over a 50 year working life and failure of funds to report lost super to FIDO. Financial institutions keep sending letters to last known address years after you move on because the envelopes are marked DO NOT READDRESS so they are not readdressed to your next home. I really question the independence of the Deloitte’s survey for the Financial Services Association that shows that Australians pay similar fees to the UK but less than USA. Remember the next commission is dependent upon favourable reception of current report.
Commonsense says that having a single superannuation body would reduce the administration costs of running 200+ funds with the obscene salaries paid to the directors of these penny ante outfits.
The inability to keep track of your super payments as you move job and house over a 50 year working life and failure of funds to report lost super to FIDO. Financial institutions keep sending letters to last known address years after you move on because the envelopes are marked DO NOT READDRESS so they are not readdressed to your next home.

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