20k QFF Points for joining Australian Super

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You are so far off the mark. The direct cost of this legislative change is on the trustee, not Link Group.

The Trustee is not making the technical change where a significant portion of the costs relates to.

I am not saying there are not costs to Aus Super, but even the Admin process changes would not be largely attributed to Aus Super in this case.
 
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Cynically I suspect they won’t be the only place to pass this on. Aus Super fees are very low which means they have very limited ability to absorb such costs, for the retail funds it’s more a business decision about maintaining their margin and we know their history on this front.
In recent times it has been the retail funds eliminating similar reg reform levies and substantially repricing downwards since the Royal Commission. Conversely, since the RC, Aust Super has raised fees three times; their weekly fee jumped from $1.50 to $2.25, they then increased their group insurance fees (also blamed on PYS regs) and now an additional fee to manage legislation intended to protect low balance members.
 
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AustralianSuper has extremely good returns and is still cheaper than the for profit sector of which we have heard of much of the applling behaviour of some of them. Up until the Royal Commission, the 5 million or however many super accounts of especially young people with very very low balances and high fees have been subsidising those with a much bigger balance.
 
Does anyone have any insight as to whether this promo is likley to run again soon?
 
Have been with them for years.
i suggest not waiting for a promo to join. The benefits outweigh the 20k points by a significant margin
I first joined for the points but very quickly moved my money over after checking performance and fees.
 
Ive been researching their admin and investment fees are low although sun supers are lower, but their insurance coverage is lower than Sun Super.

I was planning on opening two new super accounts, as only first $100k is protected if company fails, so thought spread risk by not putting all super in one account if could find two providers with low fees.

I plan to opt out of insurances as already have a separate income protection policy which is tax deductible where as insurance via super is not.

Was just wanting to check if I could collect some bonus points too, its not a deal breaker.
 
I'm going to have to research their performance. I've been extremely happy with QSuper having been a member since the mid 1990s. Everytime I change job my super heads over to Qsuper. Something like top 3 performing fund for the last 10 years.

Ive been researching their admin and investment fees are low although sun supers are lower, but their insurance coverage is lower than Sun Super.

I was planning on opening two new super accounts, as only first $100k is protected if company fails, so thought spread risk by not putting all super in one account if could find two providers with low fees.

I plan to opt out of insurances as already have a separate income protection policy which is tax deductible where as insurance via super is not.

Was just wanting to check if I could collect some bonus points too, its not a deal breaker.
My recollection is that insurance in super is effectively not taxed anyway.
 
I was planning on opening two new super accounts, as only first $100k is protected if company fails, so thought spread risk by not putting all super in one account if could find two providers with low fees.
Every article on super I've ever seen relating to multiple super accounts advises against it. I did not know about a $100k only coverage but what's the likelihood of a super fund failing?
 
Most of the articles that advise against having multiple funds is based on fees and duplicate insurances.

Industry funds have small weekly fees, with remainder of fees based on size of super balance. Rough maths shows negligible difference for two funds in fees vs one in my situation since the largest part of the fee is based on the funds invested.

Funds often auto opt you into insurance (many people dont look to see if its needed), but if you opt out like i plan to not a factor.

I already have 2 funds, both have investment options that are supposedly the same but last year one did well and wont did badly a 5% difference between the two. In prior years they were very close (maybe only a decimal place different), if id chosen only one and it was the wrong one id have lost more.

So in addition to having more guaranteed against company failure (no idea how easily it could happen), it also spreads performance risk.

Not an approach im recommending for others just what has worked for my situation.

But im still researching.
 
Most of the articles that advise against having multiple funds is based on fees and duplicate insurances.

Industry funds have small weekly fees, with remainder of fees based on size of super balance. Rough maths shows negligible difference for two funds in fees vs one in my situation since the largest part of the fee is based on the funds invested.

Funds often auto opt you into insurance (many people dont look to see if its needed), but if you opt out like i plan to not a factor.

I already have 2 funds, both have investment options that are supposedly the same but last year one did well and wont did badly a 5% difference between the two. In prior years they were very close (maybe only a decimal place different), if id chosen only one and it was the wrong one id have lost more.

So in addition to having more guaranteed against company failure (no idea how easily it could happen), it also spreads performance risk.

Not an approach im recommending for others just what has worked for my situation.

But im still researching.


Fully agree.

I have 3 funds (One being Australian Super) for a number of reasons. . Spreading the risk being one reason.

The actual extra cost of three funds is tiny depending on the funds that are chosen.. Most of my fees are a % and so it really immaterial that they are in different funds.

I am happy with Australian Super, and on retirement will probably roll all three into it.


PS: The other super news this week is that the Dec CPI met the the target for the transfer cap to be increased from $1.6 million to $1.7 million on 1st July 2021.
 
Every article on super I've ever seen relating to multiple super accounts advises against it. I did not know about a $100k only coverage but what's the likelihood of a super fund failing?


It is not just failing that is a risk.

For example you may get problems that could lead to under performance. A lack of confidence could lead to a rush of withdrawls in one fund etc.
 
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