Stuck in UniSuper’s defined benefit: what are the options? -
According to the original PDS when I joined, I had no option to leave once I joined. The current PDS gives the ability to leave within 2 years of joining.
Someone in another Reddit post very helpfully put together a spreadsheet showing how over a career, in most instances people end up more than a million dollars worse off by being in the DBD rather then the accumulation option.
You can only leave the DBD by leaving the sector, which is so wrong! members should be able to leave because they decide the product is no longer suited to them and not be locked in!!
Issues:
- The name defined benefit is misleading. Most people associate defined benefit with a paid pension that is backed by the employee or government but this is not what the unisuper DBD is…and they can change the rules at anytime about what members are entitled to without members having an option to change funds
Various modelling shows it’s worse off for younger members who stay in the fund for a long time which contradicts the PDS
There is no comparison of accumulation vs defined benefit performance so issues around disclosure and not even historical performance data for accumulation option to be able to make an informed decision
Even with the new super choice legislation, unisuper advocated that members of defined benefit would be except from choice so we can’t leave!
Any advice? Would a class action be appropriate? Has anyone been able to leave outside of the two year window?
Berkshire is hoarding so. much. cash.
Buffet indicator is showing some wild times ahead perhaps, combine that with Berkshires record high cash hoard of 30%... chart via barchart.com / Longtermtrends
Looks like we're going through something, but who would have thought with all these tarrifs, inflation and trade wars going on
Where does this end up long term with small stocks suffering white giant caps are taking all the coin?
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The spike in red reflects financial strain returning fast. Credit card delinquencies are rising too, hinting that lower-income consumers might be nearing a breaking point. What's going on...
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