{"id":75796,"date":"2025-08-18T16:12:13","date_gmt":"2025-08-18T16:12:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/75796\/"},"modified":"2025-08-18T16:12:13","modified_gmt":"2025-08-18T16:12:13","slug":"mum-who-worked-as-nurse-for-36-years-loses-460000-in-retirement-fund-collapse-the-superannuation-system-is-not-safe","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/75796\/","title":{"rendered":"Mum who worked as nurse for 36 years loses $460,000 in retirement fund collapse: ‘The superannuation system is not safe’"},"content":{"rendered":"

By STEPHEN JOHNSON, ECONOMICS REPORTER, AUSTRALIA<\/a> <\/p>\n

Published: 09:00 EDT, 18 August 2025 | Updated: 09:02 EDT, 18 August 2025 <\/p>\n

A woman who worked as a nurse for 36 years has lost $460,000 in savings following the collapse of her super fund.<\/p>\n

Kathryn Shannon, from Perth<\/a>, is now reconsidering her well-earned retirement after\u00a0investing her life savings in the Simple Super Fund, via her self-managed super fund.<\/p>\n

The Australian Securities and Investments Commission in June sought a Federal Court order to appoint receivers to its parent company Australian Fiduciaries Limited.<\/p>\n

Now, 600 Australians are in limbo, having invested $160million in managed investment schemes offered by Australian Fiduciaries since February 2020, mainly through self-managed superannuation funds.\u00a0<\/p>\n

Ms Shannon, who doesn’t own her own home, had voluntarily topped up her super, and only took time out of work to give birth to her two children.<\/p>\n

‘I transferred all of my funds, totalling over $460,000 and representing nearly all my life savings as I don’t own my own home,’ she said.<\/p>\n

‘I don’t know how this could have happened. I never imagined I would face any difficulty with anything as simple as superannuation is supposed to be.<\/p>\n

‘I feel ripped off and the superannuation system is not safe.’<\/p>\n

\"Kathryn <\/p>\n

Kathryn Shannon, from Perth , is now reconsidering retirement after investing her life savings in the Simple Super Fund, via her self-managed super fund<\/p>\n

She said the collapse of her super fund was particularly bad for someone nearing retirement age, such as herself.<\/p>\n

‘I now have doubt and fear about what my future will look like,’ she said.<\/p>\n

‘Due to my age, the likelihood of earning enough to retire now is not possible.<\/p>\n

‘I am overwhelmed that I may have lost all of my super funds.<\/p>\n

‘How could this happen and why did monitoring not pick this up earlier?\u00a0<\/p>\n

‘There are so many unanswered questions.’\u00a0<\/p>\n

Australian Fiduciaries had stopped distributing units in its schemes in September 2023.<\/p>\n

This was two months after Simple Super Fund had its Australian business number cancelled, ending its status as a tax office-regulated self-managed superannuation fund.<\/p>\n

\"The <\/p>\n

The Australian Securities and Investments Commission in June sought a Federal Court order to appoint receivers to its parent company Australian Fiduciaries Limited, the parent company of Simple Super<\/p>\n

ASIC is investigating Australian Fiduciaries for\u00a0inadequately managing conflicts of interest and for deceptively convincing investors to park their money with its schemes.<\/p>\n

Terry van der Velde and Matthew Hudson from SV Partners were last month appointed as voluntary administrators.<\/p>\n

Ms Shannon filed a complaint with the Australian Financial Complaints Authority in July and fears she will be left penniless without federal government intervention.<\/p>\n

‘I fear that without the intervention of the federal government, neither I nor any of the other 600 or so ‘retail investors’ who entrusted their superannuation to AFL will get their money,’ she said.<\/p>\n

Her uncertainty is occurring as 6,000 Australians grapple with losing their super-managed super funds that had been invested in the collapsed First Guardian Master Fund.\u00a0<\/p>\n

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