SAVE OUR SUPERANNUATION\RETIREMENT

PROTECT OUR SUPERANNUATION EARNINGS.

I use this example to you.  My superannuation fund amount is, $3,810.40 subject to fees, charges & investment returns, the later comes in weekly as at March 2010.  Over the past couple of years dating back to 2007 this is what's happened.
On 13 Nov 2007 I had $5,163.15.

On 12 Dec 08 I had $4,629.05.

On 11 Mar 09 I had $4,588.85.

Administration fees per week are $1.50 which is deducted monthly, (Note.  I received a letter last year informing me this amount was to be raised to $4 per week, though todays conversation stated it is $1.50)

Management fees = $0.37% to 0.53% deducted from investment returns which are calculated at either the lower bracket or highest bracket depending on the return.  Charges where only mentioned if I wanted to withdraw my account.

The Administration fee ceases when $1,000 remains in the account; (due to current Government legislation), but Management fees and other charges are still applicable at 1.67% of investments earned.  (Note this % may have varied since 11 Mar 2009).

My current asset allocation is Medium to Low risk; which is automatically defaulted to because of circumstances of not working/contributing.   I was notified I could change my option to a higher or lower risk at this stage.

Brokers take a %.  I asked how many brokers I'm through, knowing they take 5% to 10% from my account.  I can view on line through their website and is easy to access.

I wanted to know exactly where my money was invested in the stock portion of my portfolio.  I was not able to achieve such defined detailed information because they have staff full time watching the stock market and make changes sometimes within the hour and daily, in the best interests in the clients and companies investments.  The person I spoke to was not privy to such information nor was her team leader or manager.   I was told they're not sent updates to the changes.

Unit prices are updated weekly.   Mine currently is 1.4962.  (Not doing a good job hey!).  Only option to pull my money out so fees do not eat away to $0.00 is to declare financial hardship, which I can't do. 

Please make sure you mention this side of superannuation.  ING have a great ad running at the moment.  Billy Connelly promotes, What happens if you get sick or injured?  What will you do?  I've not been in the work force for 5 years due to circumstances beyond my control & I can not afford to contribute financially.

I'm asking for the Government to act and create a freeze on all fees and charges that reduce the prior accrued monies whilst not working and contributing, in circumstances beyond the clients control.  Plus insure action for them to access their superannuation in such debilitating times. 

I earned every cent of that money and I expect it to be protected!

I wrote a letter to the Prime Minister Mr Kevin Rudd about this in Mar 2009.  I got a letter back from the Superannuation Portfolio Minister saying wait till November 2009, some exciting changes are happing that he would announce, which he did.  Which if you note does not address my particular circumstances, just raised the %.

I really stress to you this area of superannuation, which applies to all us.  It has no discrimination of race, colour, creed, religion or other.  We are talking superannuation and the peoples retirement, which the Government can not fund.

Please make the change to protect what little we have.  For all who are stuck in the loop hole and watch our money get eaten and eaten and eaten and eaten and eaten and eaten and eaten away, ONLY to line the pockets of the insurance companies. 

Ms Yulan Lawson
Buderim Qld