How to Keep Your Super Safe
The Australian Securities and Investments Commission (ASIC) is warning Australians to be vigilant against aggressive marketing tactics designed to lure people into switching their superannuation providers.
Tactics such as clickbait ads, flashy comparison websites, and unrealistic promises of high returns are being used to entice individuals into moving their retirement savings—sometimes into risky or unsuitable investments.
Here’s how to protect yourself.
Why You Might Be Targeted
Many promoters benefit financially when you switch super funds. They may:
Charge your fund for providing advice.
Encourage you to open a self-managed super fund (SMSF), even when it’s not appropriate—incurring high set-up and admin costs.
Earn fees or commissions by moving your super into specific financial products.
Salespeople often use urgency to pressure you into a quick decision—making it feel like you’ll miss out if you don’t act immediately. But it’s critical to slow down and think it through.
ASIC notes that callers may pass you to a licensed adviser to appear credible, only to return you to the original salesperson to close the deal. If you’re seeking financial advice, find a licensed adviser independently—one who suits your specific needs.
Red Flags to Watch For
ASIC warns that you should be cautious if you encounter:
High-pressure sales tactics.
Cold calls or unsolicited contact.
Free “super health checks” or prize offers—especially via social media or pop-up websites.
Promises to consolidate ‘lost super’ for free.
Involvement of unlicensed individuals in the advice process.
No in-person contact with a licensed adviser.
Vague or missing product disclosure.
Promises of high or guaranteed returns.
What to Do if You’re Contacted
If you get a suspicious call or message about your super:
Hang up immediately.
Block the number and consider joining the Do Not Call Register.
Contact your current super fund—especially if you’ve shared personal information—so they can take protective action.
Speak with someone you trust: a family member, a friend, or a licensed financial adviser.
How to Check Your Super Safely
Want to review your super? Use the government’s YourSuper comparison tool, available through the Australian Taxation Office (ATO). It compares MySuper products—low-cost, easy-to-understand funds.
Also, check your annual super statement for key details like fees and investment performance. Most super funds offer online portals where you can access digital statements and manage your account securely.
Rick Maggi CFP, Financial Advisor Perth