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Super help please - in over my head!


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#1 missjoads1234

Posted 13 November 2012 - 12:41 PM

Went into our bank today as it's high time we consolidate all out super funds into one, ive been meaning to do it for ages  wink.gif

After 15 mins i was way in over my head! Call me ignorant but i obviously know nothing about super and all it entails, as apparently you can do so much more with super than i knew.

Could someone please tell me what it all means. This lady helping me was telling me all about investments, shares, insurance etc. I really dont know what to do with our super once its consolidated.

I dont know which plan to pick as well. Ok lets be straight - i know nothing basically ok?!  biggrin.gif I thought our money went away by employers into a nice little account and we access is when we retire. Oh how wrong i am.

Thoughts/help??

#2 LoudMuffin

Posted 13 November 2012 - 12:52 PM

Before you even look indepth at what you want to do with it, pick the super fund you want to put it all in.

Call them all and get them to each send you a PDS compare fees, insurances, investment structure and earnings for the last 10 years or so. Choose the one you think will work best for you and go from there.

I'm sure there are people out there who can do all the leg work for you if you're willing to pay for it original.gif

#3 harryboy

Posted 29 November 2012 - 06:27 AM

It can be as complex or easy as you like. At its simplest, pick a fund that has low fees and a solid performance, and then within the fund you will be given investment options. At its most complicated, you can start your own superfund and be in charge of your cash.

#4 BenevolentDictator

Posted 29 November 2012 - 06:31 AM



https://www.moneysmart.gov.au/superannuation-and-retirement

lots of helpful information here original.gif

#5 Feral-as-Meggs

Posted 29 November 2012 - 07:13 AM

You get a choice of funds, and within the fund you get a choice of investments.  

Super funds can also provide you with life insurance, total and permanent disability insurance, and income protection insurance.  This will cost extra but it comes out of your pre-tax income so it can work out better than getting insurance separately.

The main things to think about when deciding are:

Fees - what are you going to be charged every year, and how does this add up over the life of your super.  Some people find that industry super funds suit them best on this issue.  

Performance - how did the fund go over the last few years in comparison to others.

Risk v security - this is where the different types of investments come in.   Obviously the safest investments is cash in the bank, but it won't stay ahead of inflation.   Shares and property will have more potential for growth but can go backwards as well.  The idea is to have a mix of investments that suits your risk profile.  

Your risk profile will depend on your personal preference and when you intend retiring - people who want to retire in only a few years will generally favour security over growth, in case there is a big downturn in the market in the next few years.    Younger people should generally go for more growth, as any losses should balance out over time.  Your fund will probably have a few choices ranging from Conservative to Balanced to High Growth - you don't actually have to chose the investments yourself.

You can even chose options which guarantee that they only hold ethical investments (Like no tobacco or gambling).  

Insurance - what would your family need if you pass away or are permanently disabled?  Most people start with the amount it would take to pay off the mortgage.  

Hope this helps

#6 FeralRebelWClaws

Posted 29 November 2012 - 08:52 AM

I really need to consolidate my super... I know I have lost super, plus super in a mirade of accounts.

I think I have about 4 different super accounts? *facepalm* I keep saying I'll do it and then I don't!

I'll wait until I start my new job next year and then I'll put it all into that super account. I just need to get all the details of my super accounts together first.

I don't even know where to start with consolidating it though, do I contact the super I want it to go to and they do it or do I inform all the others I want it moved to super XYZ.

Sorry to hijack your thread OP :/

#7 PrincessPeach

Posted 29 November 2012 - 09:01 AM

QUOTE (PussyDids @ 29/11/2012, 08:52 AM) <{POST_SNAPBACK}>
I don't even know where to start with consolidating it though, do I contact the super I want it to go to and they do it or do I inform all the others I want it moved to super XYZ.

Sorry to hijack your thread OP :/


There is a tool on the ATO's website where you can search for lost super, so that would be the best place to start.

Then once you know what fund you are going to roll everything into, contact them & let them know you have super that you wish to roll into your account with them & they should send you the documents you need to fill out.

#8 Lainskii

Posted 29 November 2012 - 09:05 AM

QUOTE (PussyDids @ 29/11/2012, 09:52 AM) <{POST_SNAPBACK}>
I really need to consolidate my super... I know I have lost super, plus super in a mirade of accounts.

I think I have about 4 different super accounts? *facepalm* I keep saying I'll do it and then I don't!

I'll wait until I start my new job next year and then I'll put it all into that super account. I just need to get all the details of my super accounts together first.

I don't even know where to start with consolidating it though, do I contact the super I want it to go to and they do it or do I inform all the others I want it moved to super XYZ.

Sorry to hijack your thread OP :/



There is a link on the page, you'll need your TFN. When you have all the details of the funds, ring them and ask for a current statement/information  - this way you'll find out if you have any death/TPD cover (which you may want to keep). Also ask about the fees as the new one you get with your new job may not necessarily be the best.  

To consolidate, all you need to do is pick which one you want to stay with and call them, most super funds will do the work for you, all you'll need to do is fill out the forms they send you and get certified id. They send the info off to the other funds and get the money transferred across for you.

The alternative is to wait until the government introduces their new website (I think it is in 2013) and you'll be able to do it all online.

http://www.ato.gov.au/individuals/content....ias=superseeker

#9 FeralRebelWClaws

Posted 29 November 2012 - 10:24 AM

QUOTE (Lainskii @ 29/11/2012, 10:05 AM) <{POST_SNAPBACK}>
To consolidate, all you need to do is pick which one you want to stay with and call them, most super funds will do the work for you, all you'll need to do is fill out the forms they send you and get certified id. They send the info off to the other funds and get the money transferred across for you.

The alternative is to wait until the government introduces their new website (I think it is in 2013) and you'll be able to do it all online.


Thanks Ladies! That doesn't sound too bad. Though I like the idea of being able to do it all online!




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