My employer has paid my superannuation to another fund that I was not initially a member of. I first realised as I was getting welcome emails from this other fund. I'd just started with the company so the payment for the first quarter was not too much, but now a majority of the SG payment for the second quarter I've worked there for has also been put into the incorrect fund.
They tell me that all future payments should be correct, but as for the amounts incorrectly paid, payroll has told me the transfer could take months due to a backlog with the fund. They suggested I request a consolidation myself.
Firstly, I feel the onus is not on me to rectify this issue as they did not follow the superannuation form I gave them and it is their error.
Secondly, I managed to make a restricted online account with the wrong fund (as I had those welcome emails) to figure out what was happening, and the amount showing in there is less than the contributions made. This, I assume, would be due to fees, insurance and the fund itself not performing as well. I would already be paying fees and insurance on my actual super account, so I feel it isn't fair to lose even a single cent by consolidating this myself.
What action should I take here to minimise my losses (albeit small losses, but losses nonetheless?) Should my employer be paying the amount into my correct super fund ASAP and then recover the funds? Or do I have to wait the months this will supposedly take for it to transfer the amount across and lose out on any potential gains from this extra money sitting in my actual account? Thank you!
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