Super funds fraud, nothing new

The superannuation fraud has taken on a new life with the Australian Federal Police freezing more than 50 bank accounts suspected of defrauding the Government's early access to superannuation. They believe that criminal syndicates including some overseas groups are behind the fraudulent activity. But the biggest fraud is operated by the super funds themselves. Every year they strip the same management fee from members accounts, even if the funds have declined. When compulsory superannuation was designed, approval was given for the managers to take out their regular fees even if the fund under-performed. They have legally been able to transfer millions of dollars from members to themselves.

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