A superannuation fund embarked on a crowdfunding capital raise two weeks after its trustee warned it was closing the fund in a matter of months and then breached all its members’ privacy when it told them on Christmas Eve it had collapsed.

GigSuper, a start-up super fund aimed at self-employed Australians, appointed administrators on December 10 last year amid growing concerns it would run out of cash after refusing to sell its assets to a rival super fund.