Experts have sounded the alarm after a perth mum lost almost half a million dollars in life savings following the collapse of a superannuation fund.
Western Australia nurse, Kathryn Shannon, had set up a self-managed super fund with Simple Super and transferred over $460,000 of hard-earned money over more than three decades.
But its parent company, Australian Fiduciaries Limited (AFL), suddenly collapsed this year.
The Australian Securities and Investments Commission sought asset preservation orders and appointed receivers to AFL through the Federal Court in June.
Ms Shannon had made additional voluntary contributions throughout her working life to ensure she could comfortably retire, but she was left blindsided.
“I don’t know how this could have happened. I never imagined I would face any difficulty with anything as simple as superannuation is supposed to be,” she said in an online post.
“I feel ripped off and the superannuation system is not safe. I am stressed about the uncertainty of my financial future.
“I now have doubt and fear about what my future will look like. Due to my age, the likelihood of earning enough to retire now is not possible.”
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