Kids and their first Super fund from part time work - Aussie Stock Forums

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  1. #1

    Default Kids and their first Super fund from part time work

    My Daughter has had a part time job for the past 18 months, she works about 6 hours a week, during holidays, half term sometimes more, when she started it was her first job so the business she works for has been paying her super into the fund they use and an account was set up for her, I checked her first pay statement that super was being paid and it was AMP so I thought fine until she is older and finished her study’s, uni etc this fund was as good as any.

    Yesterday she received a letter from AMP advising her that she did not have enough money in her account to pay her insurance premiums, so I phone AMP to see what’s going on seems she was set up from the start with Death and disability insurance, I explain to AMP we never even knew she had this insurance and we had also never received any documents from them except a welcome letter with account details and a terms and conditions brochure which obviously had the default insurance cover unless AMP were notified, they told me how to cancel the insurance on her policy which I honestly think she doesn’t need until she’s in the workforce full time but said any kind of refund was a non starter, so since starting work her entire super contributions have been eaten in insurance fees, only a few hundred dollars but did make me angry

    If you have kids just starting off in part time work maybe check there super fund and there small print terms and conditions etc to make sure there not being milked for things they don’t need or realise there paying for.

  2. #2

    Default Re: Kids and their first Super fund from part time work

    Same thing with me, part time/casual retail, got an industry fund and was checking out the low income co contribution, found out for the first few months about 50% was being eaten up by insurance crap. No refunds, but now its opt in, with the page telling you how much will be taken out per month. Definitely sounds like dodgy stuff from AMP.

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