The 3-step check to see if you're in a good super fund
Today, I want to tell you a – frankly embarrassing – story about lost super.
I don't mean the kind you often hear about, where you've simply lost track of it (you can check if you have some money languishing somewhere, on the ATO section of your myGov).
No, we're talking the type of super that's gone. That has dwindled until it's disappeared. Because it happened to me.
Though I'll 'fess up that – at the time – I was pretty clueless, the fund shall remain nameless. But it had three characteristics that dreadfully, expensively caught me out.
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One: My employer had chosen it for me – indeed, there was no picking your own back then. I have subsequently heard stories about employers moving their entire staff's super money back then to secure for themselves a better deal on banking…
Two: It had poor performance – not that I knew at that stage how to check. And
Three: It had high fees (but let me come back to that).
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