To understand why it is so easy for dishonest Trustees to steal Members money it is important to understand the psychology of Superannuation Fraud.
Members of Government Regulated Superannuation Funds will receive a substantial sum of money after many years of Fund Membership. A dishonest Trustee will simply precondition these Members expectation of what amount they will be receiving by means of the annual “Benefit Statement“. A document with no legal substance.
The Members are led to believe that the bogus amount shown on the “Benefit Statement” is in fact their lawful benefit.
These Members are “blinded” by a large sum of money shown on the “Benefit Statement“.
99% of Members never ask the simple question:
“Is the amount shown on the “Benefit Statement” my lawful entitlement or is the actual amount higher and the Trustee is pocketing the difference?”
Many Members are not ever aware of the type of Fund they are Members of:
- final salary Defined Benefit,
- money purchase Defined Contribution, or
- a hybrid fund
These Members never bother writing to the Trustee to obtain a copy of the Trust Deed and Governing Rules and associated Deeds of Amendment to actually check what their lawful entitlement is, seeking professional assistance if necessary.
This is the classic “appeal to Authority” fraud. The Member believes “The Trustee is the expert so I will leave it to the “expert” to manage my money and ask no questions“.
This then makes it easy for a dishonest Trustee to simply refuse to provide a copies to the very few Members who might ask for copies. Even though it is a criminal offence not to provide copies of the Trust Deed and Governing Rules to Members or Beneficiaries of a Government Regulated Superannuation Fund the dishonest Trustee will “cut a deal” with corrupt Officers of ASIC so that ASIC will take no enforcement action.
If a Member persists in trying to under his or her lawful entitlement and the Member is an Employee of the Employer-Sponsor, this “troublemaker” will soon find their Contract of Employment terminated by that Employer-Sponsor.
Even when victims of Superannuation Fraud are informed of the amount of money stolen from them. many feel powerless to to anything about it.
In fact until now there has been little they could do about it because the regulation of Superannuation Funds has been set up in such a way that the “Regulators” just ignore complaints that Members have been the victims of superannuation fraud and will just fabricate “evidence” if the member persists with their complaints. Bogus “evidence” to mislead the Complainant to stop pursuing their claim and bogus “evidence” to provide to the Responsible Minister if the Complainant then contacts the Responsible Minister.
The Minister responsible for Superannuation has been unable to answer this simple question: “What can I do if someone steals my superannuation or a large part of it?”
It is the mission of Australian Guardians to assist members of Government Regulated Superannuation Funds to check their lawful superannuation entitlements and then to take concerted action against dishonest Trustees and those who assist them steal the hard earned superannuation entitlements of Australian citizens.
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