Uni staff could lose their super
A KEY scheme of one of Australia's biggest superannuation funds is short of money, leaving more than 100,000 people facing the prospect of having their super slashed.
At universities across Australia just about everyone from the boffins to the backroom staff is in a super scheme called UniSuper.
The fund has more than 450,000 members and about $30 billion in assets under management. Its members thought they were in a scheme that was secure but that is no longer the case.
They may lose what they thought would be a guaranteed income in retirement because UniSuper may not be able to pay out on promised benefits.
Dr Mike Rafferty from the Workplace Research Centre at the University of Sydney says many members are unaware their super is at risk.
Read more at ABC news online.