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Your superannuation is likely to be your biggest asset when you retire, and it's the main way of saving for retirement. Given the importance of your super, it's important to make sure it's protected and be sure that it's in good hands. Luckily, the Australian superannuation sector is heavily regulated.
In this guide we've answered some key concerns you may have regarding the safety of your super, plus listed some tips to help you keep it safe.
A: If you are concerned about your employer being able to use money from your superannuation fund, don't be. The money that is accumulated in these funds is held in trust, which means that it is not available for your employer to use.
A: There is no need to worry about losing your superannuation in the event that your employer goes out of business. Your super fund will be protected even if your employer has to cease operations.
A: Yes, they do. The trustees of any superannuation fund have to make a lot of important decisions and choices concerning the day-to-day running of the fund. But they also need to follow the requirement and responsibilities as set out by the Superannuation Industry Act. These responsibilities include:
A: There are a number of record keeping responsibilities that trustees of superannuation funds need to adhere to in accordance with the Superannuation Industry (Supervision) Act. This includes the following:
A: Under the Superannuation Industry (Supervision) Act, trustees are asked to take into consideration a number of different things with regards to superannuation funds. This includes:
*Past performance data is for the period ending December 2020.
Disclaimer: Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. This article is general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.
There are 24.4 million super accounts in Australia from a total of 84 funds, with MySuper assets equalling $812 billion. Find out more in our report.
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