Be wary of cold calls about switching your super

The financial watchdog ASIC has issued a warning about financial services companies making unsolicited calls offering to review or switch a person’s super into another fund. In some cases, this has resulted in people being pushed into moving their super to higher-risk, lower performing super investments, and charging unnecessary fees, which can reduce your retirement savings.

Specifically, ASIC said a large amount of super savings have been flowing into high-risk property investment schemes.

What to look out for

The watchdog has said that these companies contact people either through:

• Directly cold-calling people offering to review or switch super into another fund. These companies can obtain people’s contact details by a third-party data broker
• Ads on social media encouraging people to review their super. If you click on the ad and provide personal information, you could be targeted by a cold call

What should I do if I think I am being targeted?

Be wary of any calls offering to switch to another super fund, especially if you are being pressured to make a quick decision, as this may not suit your financial circumstances. Also take care when clicking on ads on social media and sharing your personal or financial information.

When will First Super contact me?

First Super will not call you about switching your super to another fund.

If you have any questions, you can always call Member Services on 1300 360 988 for assistance.

Need help?

Contact Member Services on 1300 360 988.