End The Super Double Dip
Right now, superannuation funds are skimming an average of $25,000 from your retirement savings, just through duplicate accounts.
Sign our petition to call on the Federal Government to end the super rip-off.
Why should you sign:
- To make it easier to take control of your super
- To protect your hard earned savings from super fund fee double-dip
- To have a safer and more comfortable retirement
I have more than one account. How can I stop the extra fees now?
While you’re waiting for the politicians to fix this super scam you can take action now to roll together your super accounts into one.
Here at CHOICE, we’ve developed CADO, the sentient avocado chat bot to help you work through the MyGov maze and combine your superannuation right now.
Smashed ‘CADO’ Avocado, started life as a simple dish of avocado on toast until one day, self-confessed ‘Middle-Aged Moraliser’, Bernard Salt, suggested Millenials would be better to save the money spent on this breakfast treat for a deposit on a house. Although the seriousness of Bernard’s suggestion could be taken with a grain of salt, shots in the generational war had been fired.
In the middle of this war, the humble ‘avo’ on toast feed off the injustice to gain sentience. When CADO discovered it had been blamed for destroying the savings of young people, it sought to set things straight. Today CADO fights to end the financial wrongs done to the young, in an attempt to clear its name and hold its arch-nemesis, The Salty Moraliser, to account.
Women are already getting a terrible deal out of the superannuation system. Income inequality, taking time out of paid work to raise children and limited superannuation payments when on maternity leave mean the average woman has about half the retirement balance of a man. More than 80% of women are currently retiring with inadequate savings to fund a comfortable lifestyle. That’s why combining super accounts is so important: automatically rolling all of your extra accounts into one could save you thousands in retirement.
 Melbourne Institute, 2017,’HILDA Survey’, p.72
 ASFA, 2017, ‘Women and super’, available at: http://www.superguru.com.au/about-super/women-and-super
Multiple accounts are a big problem for younger people. A combination of small balances and inappropriate automatic insurance policies has seen some young people’s accounts run down to zero. Losing your savings to fees at a young age has a huge effect over a lifetime as you miss out on the impact of interest compounding over decades.