Joelbaby, care to tell us which super funds offer 100% cash? I don't think any do. And even so, their "cash" options are not cash. They are in fact tradeable government bonds and corporate debt securities (some of which may be foreign currency denominated), meaning that they would have lost value in recent times due to rising interest rates (as a client of mine who is close to retirement found out after he moved his super into a conservative option last year and was extremely pissed off that the cash component had lost 20% of its value due to rising interest rates), the rising Australian dollar, as well as potential rerating of companies which they had provided debt to.
