Superannuation is compulsory in Australia and the Government promises compensation in the event that members or beneficiaries of Government Regulated Superannuation Funds suffer a loss due to theft or fraudulent conduct by the Trustee or Trustees of their superannuation fund.
Lord Browne-Wilkinson in the House of Lords in Target Holdings v Redferns  UKHL 10 stated:
“The basic right of a beneficiary is to have the trust duly administered in accordance with the provisions of the trust instrument, if any, and the general law”
When in the case of a superannuation trust, the “trust instrument” is the original Trust Deed as lawfully amended.
Lord Brown-Wilkinson continued:
“The basic equitable principle applicable to breach of trust is that the beneficiary is entitled to be compensated for any loss he would not have suffered but for the breach.”
Superannuation is part of the portfolio of the Assistant Treasurer.
The evidence and legal principles have been provide to the following Ministers:
- The Prime Minister (The Hon Tony Abbott MP)
- The Commonwealth Attorney-General (Senator the Hon George Brandis QC)
- The Assistant Treasurer (The Hon Joss Frydenberg MP)
- The Special Minister of State
These documents have also been provided to the Secretary of the Treasury.
The evidence and legal principles have also been provided to:
- The Chairman of ASIC (Mr Greg Medcraft)
- The Chairman of APRA
- The Acting Chairperson of the Superannuation Complaints Tribunal
- The Commissioner of the Australian Federal Police
- The CEO of the Australian Crime Commission
- The Commonwealth Director of Public Prosecutions
This is an extract from Hansard as to what the Prime Minister, Tony Abbott, had to say about compulsory superannuation.
“Compulsory superannuation is one of the biggest con jobs ever foisted by government on the Australian people. If the Prime Minister (Mr Keating) was a private businessman, chances are that he would be before the courts for false and misleading advertising.
“The basic objective of compulsory superannuation is that the government is taking our money now so that it does not have to pay us a pension when we retire. The government is making us worse off now so that it will be better off in the future.
“Over the last six months, the employer of a constituent of mine has paid $993 into his compulsory superannuation fund. The fund charged $28 in administration, bookkeeping fees, et cetera, and earned $38 in interest. My constituent should have been $10 better off. However, the government has charged $208 in contributions tax so that my constituent is actually $198 worse off over the last six months.
“This is the fine print that the Prime Minister never tells you about—the fees, the charges and, above all, the taxes. I say to the voters of Australia, `Beware! There is no pot of gold at the end of the superannuation rainbow. Any money you put in is your money and you are certain to get back less than you put in’.”
This tab updated on 24 July 2015