Super rethink needed (letter)by Tom KingNews Weekly
, January 31, 2004
As one of many thousands of losers conscripted into the compulsory superannuation lottery, I am astounded by the lack of interest in Australia's flawed system.
I do not wish to prolong this letter by reflecting on the negative and marginal performance in the immediate past. I wish to underline the complacent indifference taken by most media commentators and all politicians.
The recent revelation, concerning that fact that some 500 funds have gone missing, should have triggered a national alert. But it didn't.
We find the trustees can face a fine of $3,000. This will no doubt strike terror into the hearts of the trustees of the other 12,000 regulated funds, and the 200,000 self-regulated super funds.
Who was it who suggested we reside in the "clever country"? Why is there so little interest in the Singapore model Provident Fund for Australia's financial security and national development?Tom King,