Superannuation Statement

[cramdogs]

Hi, I'm just a regular guy, with relatively no business or finance knowledge, looking at my super statement (UniSuper) over the last 6 month period.

Opening balance: $1554.19

- Contributions: $87.70
- Investment returns: -$69.72
- Taxes: -$1.13
- Fees: -$57.50
- Insurance Premiums: -$37.80

Opening balance: $1478.00

1) Why are the investment returns negative, what is going on here?
2) Why are the fees so high? For what?
3) Why is my super getting eaten up?

I thought the whole point of super was to appreciate so I have enough to retire. Obviously I'm still young with my current balance, but what a pointless exercise this seems to be. Who is being held accountable?

 

[Selective Retention]

No one, it is a complete crock of shit for low to average income earners.

It's main purpose is to prop up the stock market and a tax break for the rich/people about to retire that are in a position to sacrifice into it.

For casual workers it is effectively tipping money down the drain, even taking into account general market conditions. Although TPD insurance is something people probably wouldn't have otherwise assuming that's what you are paying for.

 

[Selective Retention]

I had a look at mine online to see how shit they have been with investments.

Sans fees and insurance they have made $450 from a balance of $12,000 across 3 years.

Although it has to be said they look like geniuses compared to your fund there.

 

[ash_1050]

Out of curiousity what super fund is this and what investment option have you taken?

 

[Visions]

The investment earnings all depend on what your super is invested in. Is it in cash, fixed interest, property, shares? Might be a combination of them in what is called a "balanced" option that most super funds offer. With the global financial crisis the last few years, it's a coin toss whether your fund goes up or down unless you really have it all in a cash option.

As for the fees, some funds take a monthly set figure, some take a percentage of the funds invested, whatever yours is, it is quite high.

What a lot of people don't realise is that you can choose which super fund and what product you want your super invested in. Do a bit of research and find one that suits what you are looking for.

 

[cramdogs]

Investment returns: -4.43%

My Super fund is with UniSuper and my investment option is balanced (not that I specifically chose this).

I actually have a feeling my super went down in the previous half year as well.

For my low balance, could you suggest a better Super fund? As far as I'm concerned, my money is getting used and abused, and I'm powerless coping other people's mistakes.