The Parliament of Australia has made superannuation compulsory for all working Australians. The minimum contribution rate is 9.5% of earnings which will increase to 12% in the next few years. It is likely that the compulsory contribution rate will be increased beyond 12%.
Therefore it is important for all members of superannuation fund to understand their legal rights to protect what in many cases will be the largest asset they will acquire during their working lifetimes – their retirement benefit.
When people buy real property they do not just leave it to public servants to look after their legal rights, it would be folly to do so. Likewise people should not just leave it to public servants to look after their superannuation rights so that they will receive their lawfully retirement benefit without all or part of it being stolen from them by “white collar criminals” who know how to “work the legal system“.
There is currently of $1 Trillion dollars held by Trustees in large superannuation funds and this is a playground for dishonest lawyers and accountants who understand how easy it is to steal large sums of “other people’s money” and how small the chances of being brought to justice are.
Understanding the legal basics of superannuation funds is the first step in protecting your hard earned superannuation entitlement.
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