Melinda Kee, pictured, says it will be ‘devastating’ if people realise too late. (Seven/Getty)
We know most Australians don’t pay much attention to their superannuation account. But thousands of Aussies are being desperately urged to check their balance and to make sure they know which fund their retirement savings are in.
The warning comes as a key deadline approaches this month. When it passes, workers who lost money in collapsed investment funds – many who seem not to even know – will have no recourse left to seek compensation.
A number of trustees that oversaw dozens of financial advice firms which moved client’s super into two funds which later collapsed have since been deregistered and put into liquidation. And that started the clock ticking.
Melinda Kee was one of the roughly 12,000 people who were placed in the offending funds. She has been helping other victims try to claw back their share of more than $1 billion in losses and is hoping to find the majority of impacted workers who still haven’t lodged a formal complaint.
“And now the biggest thing is with all of these dates looming,” she told Yahoo Finance.
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Millions in compensation have already been paid out, and some complainants have seen decisions handed down in their favour. But most people who were moved into the Shield and First Guardian funds – often without their explicit knowledge – have still not made an official complaint with the appropriate financial ombudsman, with corporate regulator ASIC believing many are still unaware they have been impacted.
“There is still easily 9,000 to 10,000 victims that we’re struggling to find,” Kee said.
“I don’t know if it’s just stuff that goes into their spam box, they’ve changed their email accounts, or are living overseas.”
Victims who had their retirement savings moved by 11 different financial advisory firms, listed here, only have until the end of this month to lodge a case with the Australian Financial Complaints Authority.
Their deadline is March 31, 2026, with the cut off for other victims coming up in April, June and August.
“It is really specific who falls under those dates, that is a concern because it will be a bloodbath,” Kee said.
“I mean, it really will be a bloodbath.
“At the moment people have got an element of hope …
“But the reality of it is when that hope has gone, and the government turns around and says, ‘Well, you’ve had a year’ and now you’re up shit creek now without a paddle. It’s going to be just beyond devastating.”
The federal government is working tightening the rules around super switching in the aftermath of the drama. (Source: AAP/Getty)
As one of the early victims, Kee eventually felt compelled to help the many others who came forward as they struggled to understand what had happened and what steps they needed to take to seek restitution.
Kee said she knew from personal experience about how “dark” things can get after suffering a huge financial loss because she was forced to start over after suffering big losses during the GFC in 2008.
“I was living overseas, I was day trading. So I was trading heavily on the stock market, commodities, foreign exchange…” she explained. “And I know what that deep, dark, black hole looks like when you have been wiped out.”
She was forced to sell her property in Sydney and later returned home to rebuild her life.
“But that period was dark. I mean, it was as dark as you want to go,” she said.
Melinda Kee has been working with ASIC and the government amid the fallout from the collapsed funds. (Source: Facebook)
Data released this week by the Australian Prudential Regulation Authority (APRA) shows the quarterly performance of the sector at large, with APRA-regulated funds growing at a faster rate than self managed super funds (SMSFs).
Total superannuation assets increased by 0.8 per cent over the quarter to $4.5 trillion as at December 2025, of which $3.2 trillion was in APRA-regulated funds. The year-on-year growth in superannuation was 8.1 per cent.
The data also shows plenty of people using the tax advantage provided by the system, to tip more of their own money into their account.
Employer contributions increased by 8.6 per cent over the year to $156.3 billion while member contributions increased by 19.2 per cent over the year to $64.5 billion.
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