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superanuation question, wheres it gone!!

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  • 08-04-2013 10:27pm
    #1
    Emma216
    Registered Users Posts: 33 ✭


    Hi,

    I left Oz last July after a year on a working holiday visa and only got around to claiming it back last month.

    I got a bit of a shock when my super company told me I had a nill balance!

    After a few emails trying to find out what happend to it, they gave me a breakdown of what I had in my account. After discovering one of my employers paid my super for just 1 of the 5 months, it seems its been cancelled out by a death cover and total and permanent disability (TPD) insurance cover, which i never asked for. (I do remember recieving forms in the post which i never signed and I got a phonecall asking to sign up and declined)

    Im wondering has anyone had any problems like this as I was completely unaware of the charges and taxes associated with accessing super.
    I feel at this stage, why bother!


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    #2
    mandrake04
    Registered Users Posts: 4,435 ✭✭✭mandrake04


    I thought TPD was automatically included and you had to opt out within 90 days, also there are admin charges for maintaining your account like a bank account.

    Like you say you had 1 month worth of super once you factor in the charges, tax its hardly worth the effort. You could complain to Fair work about the employer only paying a month though.


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    #3
    Peregrinus
    Registered Users Posts: 26,511 ✭✭✭✭Peregrinus


    Yes, your beef is not with the super fund, but with the employer who has defrauded you. If your employer never lodged your wages to your bank account, would you be complaining about the bank?


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    #4
    hussey
    Registered Users Posts: 6,240 ✭✭✭hussey


    TPD should only be charged per payment rather than a per month basis.


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    #5
    The_Hustler
    Registered Users Posts: 1,191 ✭✭✭The_Hustler


    Sorry to hijack and bring up an old thread, but I have logged into my super for the first time and a significant amount is gone in the insurance mentioned above. Is there a way to opt out of it 9 months in?

    Would it be generally recommended to have this insurance (death, TPD, income insurance)?


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