Q: I’m a 74-year-old retiree with $760,000 in a UniSuper balanced pension account, drawing down $3500 a month for living expenses. While I’ve been quite happy with the fund’s performance, I’m becoming increasingly worried about having all my eggs in one basket, given the prevalence of AI hacking.
I believe the government provides some protection for super balances, but I think it was only of the order of $200,000, so I’m considering splitting my funds over several superannuation providers in tranches of $250,000 to give some protection from hackers, and to be able to claim a greater proportion in compensation from the government if a particular provider was hacked and my money taken. Do you think this is a reasonable strategy, and how would I go about implementing it? – Andrew
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