Ensure government compensation for collapsed superannuation funds


Ensure government compensation for collapsed superannuation funds
The issue
The First Guardian and Shield Master Funds collapsed in May of this year after years of mismanagement, leaving my superannuation funds frozen in limbo. I am not alone in this predicament; along with me, nearly 12,000 other Australians are facing the same uncertainty and financial chaos due to this and the Shield Master Fund collapse. It's a devastating blow for all of us hard working Australians who trusted these funds with our lifelong savings, a trust that has now been shattered by the incompetence and misconduct free of those responsible.
Superannuation is supposed to be a secure plan for our retirement, a nest egg that we count on after years of hard work. It is sacred and should not be treated as a personal bank account by corporate criminals. The Australian Securities and Investments Commission (ASIC) should have acted sooner to prevent such a financial disaster from occurring. Their delayed response has left thousands of Australians scrambling to secure their financial future. Many affected people are close to or preparing to retire and now have their entire futures placed in jeopardy because of this collapse, and even already retired people that now have no money to live out their retirement after a lifetime of work and service to the Australian economy.
We are calling on the Australian Government to step in and cover the losses suffered by the victims of the First Guardian Master Fund and Shield Master Fund collapses. Compensating us is crucial, not just for our own financial security, but as a clear message that the protection of superannuation is a high priority for this nation. $1 billion dollars has been stolen from hard working Australians and this travesty cannot and should not be allowed to continue a single day longer!
Prime Minister Albanese, do not force us onto the pension. Save our supers! Act now to refund what is rightfully ours and hold those responsible accountable for their actions. We cannot afford to lose what we have spent our lifetimes saving, and we ask for immediate government intervention to right this egregious wrong.
Join our cause by signing this petition and help us urge the government to take immediate action. Every signature counts and can push our leaders to address this issue and restore the faith of all Australians in the superannuation system. Sign the petition and stand with us in this fight for justice.
2,626
The issue
The First Guardian and Shield Master Funds collapsed in May of this year after years of mismanagement, leaving my superannuation funds frozen in limbo. I am not alone in this predicament; along with me, nearly 12,000 other Australians are facing the same uncertainty and financial chaos due to this and the Shield Master Fund collapse. It's a devastating blow for all of us hard working Australians who trusted these funds with our lifelong savings, a trust that has now been shattered by the incompetence and misconduct free of those responsible.
Superannuation is supposed to be a secure plan for our retirement, a nest egg that we count on after years of hard work. It is sacred and should not be treated as a personal bank account by corporate criminals. The Australian Securities and Investments Commission (ASIC) should have acted sooner to prevent such a financial disaster from occurring. Their delayed response has left thousands of Australians scrambling to secure their financial future. Many affected people are close to or preparing to retire and now have their entire futures placed in jeopardy because of this collapse, and even already retired people that now have no money to live out their retirement after a lifetime of work and service to the Australian economy.
We are calling on the Australian Government to step in and cover the losses suffered by the victims of the First Guardian Master Fund and Shield Master Fund collapses. Compensating us is crucial, not just for our own financial security, but as a clear message that the protection of superannuation is a high priority for this nation. $1 billion dollars has been stolen from hard working Australians and this travesty cannot and should not be allowed to continue a single day longer!
Prime Minister Albanese, do not force us onto the pension. Save our supers! Act now to refund what is rightfully ours and hold those responsible accountable for their actions. We cannot afford to lose what we have spent our lifetimes saving, and we ask for immediate government intervention to right this egregious wrong.
Join our cause by signing this petition and help us urge the government to take immediate action. Every signature counts and can push our leaders to address this issue and restore the faith of all Australians in the superannuation system. Sign the petition and stand with us in this fight for justice.
2,626
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Petition created on 13 July 2025