It is important for members of Government Regulated Superannuation Funds to know that the Government can provide financial support in the event that Members do not receive their lawful entitlements due to fraudulent conduct or theft by the Trustees of these Funds.
In April 2011 the Minister Responsible for Superannuation announced that the Government would be providing financial assistance to over 5000 victims of fraud in the Trio Capital Superannuation Funds by providing a grant of approximately $55 million to the new Trustee of these Superannuation Funds.
The assistance to the new Trustee was granted under Part 23 of the Superannuation Industry (Supervision) Act 1993.
However the Government will only take action if there is a vocal group of victims seeking redress for their losses or the Receivers have been called in because the Fund has become insolvent.
Once the Receivers have been called in the fraud is now very visible and can no longer be hidden.
Members of Government Regulated Superannuation Funds can still be defrauded out of a substantial amount of their lawful entitlements without their fund becoming insolvent. Public Servants are reluctant to investigate complaints by a single complainant in most of these cases.
That is why a vocal group of Members is required in most cases to get Ministers in the Government to pay attention and to force Public Servants to do their jobs and to properly investigate allegations of misconduct by the Trustees of the Fund.
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