The Minister of State Responsible for Superannuation

The following is a list of questions posed by Australian Guardians to the Minister of State responsible for Superannuation.

The incumbent Minister of State responsible for Superannuation is the Hon Bill Shorten MP.

If you would like to ask the Minister Responsible for Superannuation a question in relation to the security or investment returns on your superannuation Email ausguardian@gmail.com or leave the question below.

Question on Notice – 22 June 2012

“What can I do if someone steals my compulsory Superannuation or a large part of it”?

Answer: Awaiting

Question on Notice – 4 July 2012

“Will you as  the Responsible Minister,  and the Gillard Government be seeking to amend Section 142.2 of the Schedule of the Criminal Code Act 1995 which will then provide for a maximum penalty of 10 years (instead of 5 years currently) for any senior Australian Public Servant who is found guilty of abusing his or her position of power in relation to the supervision or regulation of Australia’s $1 Trillion Superannuation System”?

Note: The maximum penalty for the common law offence of Misconduct in Public Office is life imprisonment.

Answer: Awaiting

Question on Notice – 5 July 2012

“As a former Director of the Trustee of AustralianSuper are you concerned that the Trustee of this $42 Billion Fund failed to comply with SIS Regulation 2.33(2) during the recent Industry Wide Trustee Disclosure Compliance Test conducted by Australian Guardians”?

Answer: Awaiting

Question on Notice – 6 July 2012

“Can the Minister give his assurances to Members that if Australian Guardians can assist Members and Beneficiaries of Government Regulated Superannuation Funds confirm that they have been victims of fraudulent conduct or theft then the Minister will stand by the commitment contained under Section 227 of the Superannuation Industry (Supervision) Act 1993 and make provision for the grant of financial assistance to any Member who has suffered a loss as a result of fraudulent conduct or theft by superannuation Trustees and/or those who assist them”?

Answer: Awaiting

Question on Notice – 14 July 2012

“Australian Guardians has asked the Chairperson of the Superannuation Complaints Tribunal to provide an explanation to the 12 Million unique Members of Government Regulated Superannuation Funds as to why the Chairperson on average only provides Three Referral Under Section 64 Notices to the Prudential Regulator APRA each year when the Tribunal receives so many Complaints alleging Fraudulent Conduct by the Trustee of the Complainant’s Government Regulated Superannuation Fund.

Will You as the Minister of State responsible for Superannuation ensure that the Chairperson provides an answer to this question?

Answer: Awaiting

Question on Notice – 29 August 2012

“Does the Minister Responsible for Superannuation support the education of the 12 Million unique Members of Government Regulated Superannuation Funds as to how they can check their superannuation entitlements and be alert to the types of frauds that might be employed to steal are large part of their superannuation, especially if they are members of final salary Defined Benefit Funds?

With 30 Million superannuation fund accounts who else but the Member is able to check these accounts?

Although money purchase Defined Contribution funds have become more common, many people who have recently retired or soon will be retiring are Members of final salary Defined Benefit funds.

Many complaints to the Superannuation Complaints Tribunal relate to the alleged underpayment of final salary Defined Benefits, however the Tribunal has no statutory jurisdiction to deal with complaints of this type, leaving these Members with no ready avenues of redress.

Answer: Awaiting

Question on Notice – 2 September 2012

In the recent Trio Capital Superannuation Fraud case fraudulent “Member’s Benefit Statements” were produced for several years to deceive Members of these Funds. Will the Minister Responsible for Superannuation now be recommending that all Members of Government Regulated Superannuation Funds should obtain a copy of the Trust Deed and Rules of their Fund when benefits are paid and properly check whether the amount shown on the “Member’s Benefit Statement” is in fact the Member’s lawful entitlement especially in the case of Defined Benefit Funds? The Trustee must provide a Member or a Beneficiary with copies of the relevant versions of the Trust Deed and Rules “free-of-charge” upon a written request.

Answer: Awaiting

Question on Notice – 24 September 2012

“With over 30 Million superannuation accounts the only person able to check whether  a Member of  a Government Regulated Superannuation Fund has received his or her  lawful entitlement and that a large amount has not been stolen from the Member’s entitlement is the Member him or herself.

It is a criminal offence under the Corporations Act 2001 if a Responsible Office of the Trustee refuses to provide copies of prescribed Fund Documents to a Member or Beneficiary of the Fund.

However in a letter dated 6 December 2011 {ASIC Ref: MRZ 2011/22327} an Officer of ASIC confirmed that it is ASIC policy to deny Members of Government Regulated Superannuation Funds access to Fund Documents once they have been paid a “peppercorn” benefit by the Trustee of their Fund.

Can the Minister now advise the 12 Million Members of Government Regulated Superannuation Funds as to why they should have any confidence that a large amount of their superannuation will not be stolen when ASIC denies these Members the means of checking their benefit payments?”

Answer: Awaiting

 

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