{"id":27902,"date":"2018-08-06T00:00:00","date_gmt":"2018-08-06T00:00:00","guid":{"rendered":"https:\/\/cms.fiveaa.com.au\/uncategorized\/exposed-what-s-really-going-on-with-our-superannuation\/"},"modified":"2018-08-06T00:00:00","modified_gmt":"2018-08-06T00:00:00","slug":"exposed-what-s-really-going-on-with-our-superannuation","status":"publish","type":"post","link":"https:\/\/cms.fiveaa.com.au\/show\/exposed-what-s-really-going-on-with-our-superannuation\/","title":{"rendered":"EXPOSED &#8212; What\u2019s Really Going On With Our Superannuation"},"content":{"rendered":"<h3>The financial services royal commission has uncovered a disturbing level of secrecy around Australia\u2019s super industry, including an example of yearly returns being almost entirely eaten up in fees.<\/h3>\n<blockquote><p>\u201cIt\u2019s worth paying attention to this,\u201d David Penberthy said during Tuesday\u2019s FIVEAA Breakfast Breaking @ 8 segment.<\/p>\n<p>\u201cMost people pay absolutely no attention to their superannuation and the fluctuation in the value of your super is something which people write off as the vagaries of the stock market&#8230; but it\u2019s emerging now that one of the chief reasons money often disappears form your superannuation is because you\u2019re being charged for stuff you don\u2019t know about.\u201d<\/p>\n<\/blockquote>\n<p>Penbo mentioned one NAB customer whose $1,101 annual return in 2015 was decimated by fees, including a $554 admin fee, a $91 advisor\u2019s contribution fee and a $186 planned service fee.<\/p>\n<blockquote><p>\u201cSo when you get your bland A4 statement at the end of the financial year saying this is what your super\u2019s worth, none of that is disclosed. They\u2019ve been getting away with it for ages.<\/p>\n<p>\u201cAll we\u2019re saying today folks is pay very close attention to this because we never pay any attention to our super.\u201d<\/p>\n<\/blockquote>\n\n<blockquote class=\"twitter-tweet\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">Banking Royal Commission: Superannuation industry \u2018operating in darkness\u2019 <a href=\"https:\/\/t.co\/Bx9n59d5xf\">https:\/\/t.co\/Bx9n59d5xf<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/ConsumerNews?src=hash&amp;ref_src=twsrc%5Etfw\">#ConsumerNews<\/a> <a href=\"https:\/\/t.co\/hvlTAOQBwj\">pic.twitter.com\/hvlTAOQBwj<\/a><\/p>&mdash; Consumer Action (@consumer_action) <a href=\"https:\/\/twitter.com\/consumer_action\/status\/1026604142289203201?ref_src=twsrc%5Etfw\">August 6, 2018<\/a><\/blockquote>&#13;\n<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>","protected":false},"excerpt":{"rendered":"<p>The financial services royal commission has uncovered a disturbing level of secrecy around Australia\u2019s super industry, including an example of yearly returns being almost entirely eaten up in fees. \u201cIt\u2019s worth paying attention to this,\u201d David Penberthy said during Tuesday\u2019s FIVEAA Breakfast Breaking @ 8 segment. \u201cMost people pay absolutely no attention to their superannuation [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244,231],"tags":[246,245],"geo_market":[],"class_list":["post-27902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-david-and-will","category-show","tag-fiveaa-app","tag-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.2.1 (Yoast SEO v20.2.1) - 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