“Members of superannuation fund HESTA will be unable to move their money until June, in a planned outage affecting more than 1 million Australians.
The industry super fund is changing its administration provider and first notified members of the move in February, but consumer advocates warn many will likely be caught out by the freeze on funds.
“I expect there will be a large number of consumers that will find out for the first time that they can’t access their service when they go to access them over the next seven weeks,” Xavier O’Halloran, director of Super Consumers Australia, told ABC News.”
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Can you imagine if a bank closed its doors for seven weeks and didn’t allow people to move their money?
There would be an outrage.
Yet superannuation funds can do this with no repercussions whatsoever.
Mainframe changeovers take a weekend not seven weeks.
Something fishy about this.
Trust no one with your money other than yourself. Want to find out how you can take control of your own super? Ask us. Email mary-jane@freedomfss.com.au.