Superannuation - which fund?

[zxz]

ok so im hopeless with this shit

i have my super all over the place due to normally just going with whatever my employer advised to use. fair few employers over the last 7-8 years or so...

the other day i even had one of the tellers at the bank tell me i should move my super from their fund due to it being an older and more expensive type....

so i am thinking of getting it all together - but where do i put it??

what is the best fund to use?
does my head in trying to process the low fees, no fees, high gain etc etc bullshit, plus the fine print and conditions :P

[Ryan1080]

Just go see a financial planner for stuff like that.

Yes, it makes sense to roll it all over into one, you'd probably pay less fees etc.

Which one however will largely depend on your risk profile/investment strategy and other factors.

[Joe]

Definitely go and get some professional advice.. no use talking about superannuation on a car forum.

If you want a recommendation for one, go and see a fellow car enthusiast.. Paul Blake at All West Financial (0409 985 719). Tell him I sent you, he'll look after you.

[magic1]

or for a second opinion Mike Jones from Prosperity Partners 0402 894 095.
tristan sent you

[Cold Fusion]

is there an easy way to put all ur funds into one place? ive got 4 i thnk (2 from host plus...i dont kno why they dont merge them) but to try move them you have to fill out so much stuff, are there any easier ways?

[MMM]

is there an easy way to put all ur funds into one place? ive got 4 i thnk (2 from host plus...i dont kno why they dont merge them) but to try move them you have to fill out so much stuff, are there any easier ways?

speak to the superannuation people you want to merge into and they will do all the work and merge your funds.

[schnoods]

Westscheme or ARF are a couple of the better ones getting around with reasonable fees. End of the day, most funs are tied in with the sharemarket so returns will be gradual with inflation etc... unless they do a shonky.

[family guy]

Westscheme or MTA depending on what ya industry is. Both have been rated as top 5 or so.

[shifted]

bumping an old thread I know...

just switched employer and they are offering OnePath Integra Super. I also don't really know a thing about Super.

Currently I am on Rest Super. A bit hard to compare supers it seems - I know from the above replies people may think it is pointless asking but I figured I may as well for now - can't decide whether to switch - anyone with OnePath or Rest themselves with good/bad points on either?

Tried using this:

http://www.industrysuper.com/tools-forms_superfund-comparator.aspx

(comparing AustralianSuper to OnePath Integra) - didn't have Rest as an option - seems to love the AustralianSuper option.

Basically just wondering on people's opinions on whatever funds they are with, good/bad points, what they reckon works etc.

[ForgedV6]

GESB seems ok. Haven't looked into different funds though.

[PHIL]

If your in construction/mining or resources cbus are good.

[Sharpy]

Onepath is good, they are an ANZ company - use to be called ING Australia and was a JV between the two, now just ANZ. I'm in a corporate fund with them so it's a bit different but over all really good service, excellent online facilities, good returns and good insurance options

[shifted]

Well the OnePath Integra fund is what is being offered.

I've left it with Rest for now as I've only got the vacation employment for 3 months however if I continue employment with them I wouldn't mine looking at better options.

I've looked on: http://www.canstar.com.au/superannuation/

Some people say the money is better off in a long term deposit bank account though... if a better option doesn't come about, I'll probably switch to the OnePath account.

[ZAK]

A Self Managed Super Fund is the way to go if you can afford to.
At least then the money can go into a physical investment such as a house, which will then turn into an income producing asset once you reach the pension phase of your super. (and no tax!)

[doriae86]

A Self Managed Super Fund is the way to go if you can afford to.
At least then the money can go into a physical investment such as a house, which will then turn into an income producing asset once you reach the pension phase of your super. (and no tax!)

This is a cost benefit equation. Can also leave people exposed on the insurance side. Happy to chat to anyone considering smsfs.

[Fukushima]

I keep meaning to roll my GESB over to REST now that I have a choice.

Keep reading that GESB has the highest paid executive board... and in the past 5 years they have lost me 1% of my money while my REST account has at least made some money

[PHIL]

how many of you have been told when you get a job that you have to join the companys nominated fund?

[shifted]

A Self Managed Super Fund is the way to go if you can afford to.
At least then the money can go into a physical investment such as a house, which will then turn into an income producing asset once you reach the pension phase of your super. (and no tax!)

For someone retarded like me (and who knows nothing about Super) - could you go into more detail on the basics, compared to a general personal super fund?

Money deposited into a Super account - invested in housing (if you so choose) - withdrawn at retirement = original input + interest made?

So only difference is you manage it entirely yourself compared to a personal account that lets you choose your investment options as you please?

[racegtst]

how many of you have been told when you get a job that you have to join the companys nominated fund?

In short this is illegal.

[PHIL]

Yeah. My current employer tried it on me. Told them to eat a dick. After 10 years in cbus I've got quiet a good amount and would cost to much to rollover. They said there reason was because it costs them less to pay to their preferred fund.

[Evman]

I thought it was more or less just a deposit in an account with a reference number for the individual?

This thread has got me thinking it'd be worth talking to a financial adviser because I'm going to uni next year and don't want my super to go backwards.

[racegtst]

Speaking to a financial adviser is much smarter than getting investment advice of a car forum.

PM me if you would like an obligation free chat.

[mARC]

Yeah. My current employer tried it on me. Told them to eat a dick. After 10 years in cbus I've got quiet a good amount and would cost to much to rollover. They said there reason was because it costs them less to pay to their preferred fund.

Um I've never seen a rollover cost money unless you have someone else perform it for you.

All you need to do is get the prescribed rollover forms and go from there.

[PHIL]

I was under the impression that you had to pay fees if you rolled over

[sensei_]

how about self managed super funds? i hear its a way to access your money some say like via a back door.

[Bomber]

how about self managed super funds? i hear its a way to access your money some say like via a back door.
Such as putting it into an investment property. But definitely NOT one you are living in.

[racegtst]

how about self managed super funds? i hear its a way to access your money some say like via a back door.

The penalties far greater than the benefits, jail is a reality and the financial fines are huge (both criminal and civil). Also effectively being made personally bankrupt and having to disclose for the rest of your financial life that you have been banned from being a trustee/director etc.

As a trustee of an SMSF, you could be fined up to $220,000.00 and face a jail term of up to five years if it can be proven that you knowingly allowed illegal early access to your superannuation funds. Even if you return the money to your SMSF, it will still be taxed at a higher non-complying tax rate.

Superannuation is a complex area and requires professional advice. This is why our government ensure that there is a licensing regime in place to provide consumer protection to investors. This legislation is detailed and complex and is always being reviewed and changed. We currently have Future of Financial Advice (FOFA) legislation making massive changes to way advisers deal with clients. The accounting industry also have APES230 dictating the ethics involved in dealing with clients etc.

[sensei_]

@Bomber: yes, i was thinking something along those lines. investment properties. i met with an antiques dealer, and he mentioned, some even buy used banknotes (of collector's value) as an investment for SMSF.

@racegtst: i have to admit, i didnt know the penalties was that steep, and i can see the reasons now that you mention it.