Is this Legal and what do I tell him

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Permalink Reply by Miffy on October 15, 2008 at 8:06am

I hadn't really thought about super having a negative balance, but I suppose it could with a small balance combined with poor returns and high fees!

I did a Google search and couldn't come up with much on this...although one thing I found suggested that it is in fact possible:

On HealthSuper.com.au:

"Your HealthSuper account should always have sufficient funds to cover the costs of keeping the account open. If the balance does fall below zero, you'll need to make a contribution to your account to maintain your membershuip of Health Super."

They go on to say that accounts are reviewed each year and you'll be contacted if your account is below zero.

So I suppose you must be able to do it...not that this is definitive...

At the end of the day, why would he give them more money after they've already lost the rest of it? He'd probably be better telling them to get stuffed and close the account.

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