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Submitted by John Telford on Sun, 06/04/2023 - 14:50

Wouldn't an illegal scheme designed to syphon retirement savings from super funds to the unions require a collusion between government agents?

For example, APRA helped write the Superannuation Industry (Supervision) Act legislation that protects superannuation accounts that become exposed to "fraud" in the system. The legislation applies only to the APRA regulated funds. Therefore the safe superannuation option is the APRA regulated funds and consequently most Australians are herded into the APRA regulated funds. The illegal scheme designed to syphon retirement savings from super funds occurs in the APRA regulated funds.

How would superannuation account holders react if the knew how much money was siphoned from their personal fund? Luckily they won't find out as earlier this year, Assistant Treasurer and Minister for Financial Services, Stephen Jones MP endorsed non-disclosure legislation so the amount remains hidden.

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