One man warned other Australians that your pension (superannuation) account could easily be emptied if you didn't pay attention.
Shipping agent Wayne. For two years, Monty (Wayne Mondy) turned a blind eye to his pension account in an effort to find a better job and travel abroad with his family.
But when he finally settled his job and decided to transfer his pension balance to a new account, according to WA Today, he got a shocking message.
Monty said he had $17511 left his AMP pension account when he left Australia, but when he called his financial advisers to start processing his previous account, he heard bad news.
"one day later, he called me back and said, 'there's no money'. I said, 'what do you mean? There should be nearly twenty thousand yuan there. But no, all the money has been swallowed, "he said."
All the money in Monty's account was run out of insurance he had never known.
"this is terrible. I'll be 60 in December, and I have to start counting my money and thinking about the future. But when I found out they had swallowed all my money, I was shocked, "he said."
A AMP spokesman told WA Today, that all clients should keep abreast of their pension and insurance requirements and any changes in policy.
AustralianSuper spokesman Stephen. McMahon (Stephen McMahon) said the issue prompted them to launch a new non-default insurance product, which has been in dialogue with the federal government on a new "pure pension" ("Super Only") product.
Under the "pure pension" product details, employers are required to fill out a detailed application form and sign an agreement with AustralianSuper that the company will provide the account holder with a clear option to add insurance.
Stephen. After doing some work, McMillan (Stephen McMillan), a self-paid retiree, found that AustralianSuper took only three months to empty his account by charging insurance premiums and other fees.
"I finally asked my financial advisers to take care of it. They took out all the money, and there was only $7.21 left. He asked us if we wanted to cash it out. He would have to pay 35 yuan for that, "he said."