Well, I have just received my statement for last financial yr and the wiz-kids over at my super fund managed to lose me a whopping $30k. All I can say is I contributed about the same, if not a little more, so all I did was burn $30k. I could have put it in the fireplace for all it was worth. So glad I didn’t contribute more than I have to.
So, I ask this question, why should I pay for something that obviously doesn’t work? Super returns irrespective of the amount paid into, or at balance about 4% a yr. The so-called compounded 9% and 13% amounts many bandit around are false and misleading, if not outright lies.
I know I can have my own managed super fund, and based on my own trades over the past 12 months I would have done a lot lot better – yet this could be a simple case of hindsight.
Could I – and while a little bit if an overreaction – could there be a basis, such as a test case to not pay superannuation?
I am lucky I can work for quite a few years to come, although that’s not the plan.
Superannuation has to be seen as an anti-progressive measure when it comes to looking after my own retirement. I am lucky I may possibly still continue to earn what I do and hence will make up this loss next financial yr providing the clowns at Super Company (made up name) don’t decide to lose more of my money. However, what about those people who are drawing their super now, or those who don’t make as much and are losing substantial amounts. They will never be able to recoup the losses – so they are forever going backward.
Maybe someone with some real financial or legal knowledge could help. Could I argue – providing I have the time and money – successfully, not to pay superannuation?