I work for a large Australian Company, and sacrifice over 20% of my pay into my AMP Super Fund.
While this is deducted weekly, it is a long, long while before it makes its way into my fund.
For example, my deductions for last Dec'13 have just reached my Fund in February. This of course is in addition to my employers 9.25% SGC component.
Yes, you guessed it my employer uses another Fund other than my own, and claims they have to forward my considerable salary sacrificed amount to their fund, (Russell), to have forwarded to AMP in my behalf.
I have reasoned with my pay office that Sal/Sacr is MY money and should be directed by the shortest electronic means possible, (BillPay).
I don't expect this for the SGC as that's THEIR money, in a sense! As it is much less than I'm sacrificing, I'm prepared to wait longer on that...as a trade off.
They have said, they don't HAVE to provide me with the facility to Salary Sacrifice, - I've reminded them of the concessions I understand the Gov't gives them for doing so!
While I wait up to TWO months or more to exercise my right to invest my Salary Sac amounts where I wish, I assume Russell, and/or my large employer are playing the money market with this money.
When I first worked there, the usual shenanigans occurred of mistakenly opening an account for me in the default fund, instead of following my own wishes to self nominate.
I also have a personalised plastic card from the default (Russell) fund clearly showing they use BillPay, and EFT facilities for their own super clients.
However, they have told my pay office (allegedly), that they must forward my own money, (when they do), by cheque!!!! THEY get to use it for a little longer that way.....
Multiply my frustrations by surely thousands around the country, and it seems there is a large pool of "intercepted" money being used for unethical if not downright illegal purposes!
****
Wondering if others experience this situation, or similar?
Keen to hear opinions on how to circumvent what is being imposed on me, and get my money working for me in MY OWN super environment sooner....
