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Some of our members have reported being subject to high-pressure sales techniques from cold callers offering to conduct a “free” review of their super. It often involves asking for personal details and/or getting in touch with their super fund while you’re on the phone to get your authority to collect your details.

They may also offer to do a search for your other super once they have collected your personal details (including your Tax File Number). The end result for many, is the transfer of your super to another fund that pays commissions to the adviser group with advice based on the promise of unrealistically high investment returns.

There are apparently a number of firms offering this ‘service’ but their business models are very similar: obtain your personal details and then pressure you into transferring your super to a great-sounding investment that pays them a fee. While these firms may be real registered businesses, what our members who have been approached by them are telling us suggests that their tactics and motives  are very questionable.

The facts are:

  • You don’t need to pay anyone (as a commission or directly) to search for your super. You can do it yourself for free by using the myGov site.
  • You don’t need to pay anyone to transfer your super to another fund. Again you can do it directly yourself using the myGov site or by contacting your preferred super fund.
  • You should never provide your personal details and especially financial information to someone cold calling you over the phone.
  • If you feel pressured or confused and are not sure what is going on – just hang up.

Tactics like these feed off the confusion some people feel over their hard-earned super. It’s likely to have taken years to accumulate your super to where it is today – don’t fall for high pressure sales tactics that are rushing you into some alternative action. Ask questions from a reliable and trustworthy source who has YOUR best interests at heart, not theirs.

If you ever have any questions about your super – just get in touch with us.