The decrease in superannuation balances caused by global trade movements following the introduction of tariffs by the United States has led to fund members receiving phone calls offering a review of their retirement savings, according to CPA Australia.
The accounting body stated that with the decline in balances, as many funds have exposure to global stock markets, it was becoming aware some superannuants were receiving unsolicited calls from parties offering to provide a ‘super health check’.
CPA Australia superannuation lead Richard Webb said the calls and the proffered checks, which include a review of annual fees, insurance costs and investment options to help people grow their balance, are often unscrupulous, but their intent could also be criminal.
“There’s a high chance you’ll be getting unlicensed financial advice or these calls could be designed to steal your personal information – or even your superannuation savings,” Webb said.
He added there were identifying features that a call may not be legitimate, such as it comes from a withheld number or another mobile phone and the caller is vague or evasive about the organisation they are calling from.
Additionally, an unsolicited caller may try to work out someone’s level of knowledge by asking questions about their superannuation or the market movements and create a sense of urgency to act.
Webb pointed out legitimate financial advice about superannuation and retirement savings should be sought from a licensed financial adviser and their status could be checked on the Australian Securities and Investments Commission’s Financial Advisers Register.
“If you receive a call, an email or SMS like this, do not click on any links and do not hand over any personal details such as your super account number, passwords or any other information,” he said.
“Do not make any decisions about your superannuation without first talking to a licensed financial adviser or your superannuation fund.”
