Superannuation Discussion + market volatility

OATEK

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Pretty strait forward - some "interest Groups" trying to indicate that it locks an employee into to the one fund 'for life', but that is incorrect.

An employee can change their "Stapled" fund if they wish, it just takes it out of the control of the employer.
Does this apply to all employers - are there still exemptions? MrsOatek does casual work for Catholic Schools and they force employees into one of their funds.
 

Denali

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My team has monthly meetings with random topics, recently it was Super (no financial advise given, discussing performance). Quite a few people changed funds after that.

Im not an expert but the level of ignorance was astounding. eg, 30+yr employee on average income/no degree/no advancement/only working a few years with only employer super thinks they will have $1+mil when they retire because fairies make it happen.
 

VPS

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Does this apply to all employers - are there still exemptions? MrsOatek does casual work for Catholic Schools and they force employees into one of their funds.

When I was working for the SA government there was no choice. I was not happy having to join the government one but boy am I glad I did - lots more benefits - you could salary sacrifice your whole salary if you wanted - no caps. And it was the one the pollies were in so you know they will make sure nothing bad happens
 

drron

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Yes SA has been bad.The only State I worked that made me use their own superfund.
Was stupid really as I would switch the money to my SMSF as soon as the money hit their fund.
 

Pushka

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When I was working for the SA government there was no choice. I was not happy having to join the government one but boy am I glad I did - lots more benefits - you could salary sacrifice your whole salary if you wanted - no caps. And it was the one the pollies were in so you know they will make sure nothing bad happens

I am in a Health Fund one, an industry fund. I figure Unions wouldnt dud their members toooo much, and more recently, being Health in Covid times, theyd be the last needing to access their Super due to extreme financial circumstances and loss of jobs.
 
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Milboo

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I had defined benefits scheme with my last employer 🙁

I currently have 3 funds. Bulk in current one, about half of that in another and $20k in another. Transfers have been delayed due to a name error. But I looked at performance today and I’m now glad. 23% returns in last 12 months vs 8% on main fund.

So seems like I need to change the investment strategy on that. But how do I know best mix?? Just replicate the structure in other funds?
 

cove

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It is pleasing to read that so many folks are looking at their superannuation as we approach the end of the financial year.
 

Flashback

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I had defined benefits scheme with my last employer 🙁

I currently have 3 funds. Bulk in current one, about half of that in another and $20k in another. Transfers have been delayed due to a name error. But I looked at performance today and I’m now glad. 23% returns in last 12 months vs 8% on main fund.

So seems like I need to change the investment strategy on that. But how do I know best mix?? Just replicate the structure in other funds?
If you're young enough, high risk. That's worked very well for me. Start to then play with the %'s as you grow a bit more weary.
 

Milboo

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If you're young enough, high risk. That's worked very well for me. Start to then play with the %'s as you grow a bit more weary.
Well I’ve got probably another 20-25 years worth of working life ahead of me! Early retirement plans aside…

@Denali - can you share where you got that infographic from. I’d read about the delays but in a dry boring legislative update and would love to send that one on to my HR guys.
 
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