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Bert got a shock when he transferred his $36,000 account
Super fund's $1259 slug
Q Thanks for your great service, Paul. I had an opening balance in my AustralianSuper account of $36,942.35, then a closing balance of $35,596.19 when I transferred it to another fund in June 17, 2022. The money arrived at the other fund on June 23, 2022 - a difference of $1346.16.
I was told by AustralianSuper this was because of market forces. I am suspicious that they took the money as an exit fee, after they had told me in May 2022 that there weren't exiting fees. On the paperwork sent to me, there was also $1259.95 taken with the title "investment costs" next to it on the "your account summary" section.
On the "your transaction history" page, it shows this same amount with a different description - "investment returns" - and the date again of June 17, 2022.I was told this was also taken out because it is the sum total of all the regular fees that had been taken from when I first joined AustralianSuper in August 1999.
Paul, does this seem all correct to you, please? Thanks for your time.
Bert, to say our super system is complicated is an understatement.
It makes complete sense to
