At the beginning of compulsory superannuation we set up this fund to cater for clients that did not want to be involved with the large superannuation industry.
Our experiences in running this fund have confirmed our belief that care is required in one’s involvement with larger organisations. This is irrespective of them being run by government, business or not for profits.
You need an intermediary, which is our job with the clearest examples where we act as your tax agent or insurance broker. The same applies to investment and superannuation.
The latest news on the Lindfield Superannuation Fund after the manager, Grosvenor Pirie, was sold is that there is no news after 9 months by the new administrator. We however wrote to all members explaining to them what is happening and suggested the options that are available. As we also had no knowledge ourselves about what was happening, this precluded us giving any advice of what to do.
One of the rules about personal investment advice is that you need to know all the facts. No facts, no advice possible. This is the first time we have been placed in this prediciment, we can usually come up with an opinion.
Members have not even been told by the administrators that there has been a change. In our opinion this is not good service. Most of the large members for the Lindfield Superannuation Fund have set up their own SMSF and we have set up a simple investment trust to assist them in investing their money. We are reporting monthly on the investments to the trustees of the SMSFs.