Superannuation! SMSF? Industry? Institutional?

[Pukka]

Re: Oz Federal Election 2013 - Discussion and Comments

If the retirement age moves to 75 our Government will avoid a chunk of old age pension payments.

75 I'll be an old man !!!! I need it before then I still have sports cars & Vegas trips that need funding.

Not talking about the government bit just my personal stash in the SMSF

 

[ComeFlyWithMe]

Re: Oz Federal Election 2013 - Discussion and Comments

You might be right. Need to wait for the other 3 statements to see how they went.

I think I have MLC, AMP, Colonial and ING with current employer.

For many years the MLC nest egg was the best of the lot and now they have gone and changed it.

Why do you have so many funds? That's ludicrous to pay four sets of fees, and no doubt you haven't opted out of the surplus default insurance policies of which you can only claim on one.

This speaks to apathy. Most people just go in the fund their employer uses and accrue a swag of funds over the years. This is not how it is supposed to work - you nominate a single fund for contributions under choice of fund.

Consolidating these would be a good move IMO.

 

[Cruiser Elite]

please explain!

Simple Pauline - CCs earn FF pts - obviously recipient entity requires facility to receive funds - but that's no biggie - get creative.

 

[RB]

Re: Oz Federal Election 2013 - Discussion and Comments

You might be right. Need to wait for the other 3 statements to see how they went.

I think I have MLC, AMP, Colonial and ING with current employer.

For many years the MLC nest egg was the best of the lot and now they have gone and changed it.

I think the above shows that you have no one to blame except yourself if you are unhappy with the performance of the funds. How long since you have made active decisions re insurance cover within the funds & how long since you have checked your risk profile? It has never been easier to cosolidate funds-it just takes a little interest on the members behalf!

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

It is not unusual for employees to have more than one fund which of course can be fixed easily to cut multiple fees and charges. The merging of multiple accounts into one has to be completed by the person rather than the employer.

 

[serfty]

Re: Oz Federal Election 2013 - Discussion and Comments

A good place to start is SuperSeeker | Australian Taxation Office - you can initiate transfers using that portal once registered.

(Although a transfer of a small Super Co-Pay for SWMBO initiated on June 20th still has not reached the target Fund :evil: - it 'left' the ATO on Jul 20th)

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

The very first thing we did when setting up our SMSF was merge all existing Super Funds we had, into it.

Could someone explain to me how/why thw Coalitions plan to raise the funds for the Parental leave payment, will impact on super and Imputation credits? The closest explanation I have read is that a levy doesnt attract IC but that doesnt actually help me.

 

[serfty]

Re: Oz Federal Election 2013 - Discussion and Comments

...

Could someone explain to me how/why thw Coalitions plan to raise the funds for the Parental leave payment, will impact on super and Imputation credits? The closest explanation I have read is that a levy doesnt attract IC but that doesnt actually help me.

Not sure about raising funds for PPL, but some long bows drawn in relation to the 1.5% reduction in Company tax -> Reduction of Franking credits ...

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

Yes Serfty that is what I think it is.
If it costs us on average 5 bucks who is talking about it?
There is $250 billion to repay to lenders who won't be very nice if we are late.

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

Why do you have so many funds? That's ludicrous to pay four sets of fees, and no doubt you haven't opted out of the surplus default insurance policies of which you can only claim on one.

This speaks to apathy. Most people just go in the fund their employer uses and accrue a swag of funds over the years. This is not how it is supposed to work - you nominate a single fund for contributions under choice of fund.

Consolidating these would be a good move IMO.

Each one is a carry over of the 4 different employers I have had in the past 21 years. I don't mind spreading it around as I do not want to get stuck with a single superannuation fund. The fees are not huge. Perhaps ~$300/year and you do not notice the fees when the funds are performing well.

I do not believe in insurance and I have never had an issue until the current employer where they somehow snuck it in (when I specifically said I did not want it) for ~12 months and I lost ~$1,000 for nothing.

 

[ComeFlyWithMe]

Re: Oz Federal Election 2013 - Discussion and Comments

Each one is a carry over of the 4 different employers I have had in the past 21 years. I don't mind spreading it around as I do not want to get stuck with a single superannuation fund. The fees are not huge. Perhaps ~$300/year and you do not notice the fees when the funds are performing well.

I do not believe in insurance and I have never had an issue until the current employer where they somehow snuck it in (when I specifically said I did not want it) for ~12 months and I lost ~$1,000 for nothing.

I hate to tell you that the 4 funds will likely invest in the exact same asset classes, so your exposure is exactly the same. If you want to diversify, you choose diversified investment options within a single fund. You are just multiplying your fees.

Anyway, you're making great money for the retail funds so I guess it's good for the economy, just not for you.

I think you have proven my point that people are apathetic and make poor decisions in relation to their super.

I would be getting some independent advice if I were you.

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

I think you have proven my point that people are apathetic and make poor decisions in relation to their super.

I would be getting some independent advice if I were you.

Understand what you are saying.

I don't really want any advice. Transfer the money that is leaking out of super fund into a financial advisor instead. No thanks.

I just want out.

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

The very first thing we did when setting up our SMSF was merge all existing Super Funds we had, into it.

Could someone explain to me how/why thw Coalitions plan to raise the funds for the Parental leave payment, will impact on super and Imputation credits? The closest explanation I have read is that a levy doesnt attract IC but that doesnt actually help me.

The only possible way is by the levy not attracting IC. So they collect 1.5% from 3200 companies that they don't have to pay out. But otherwise they get nothing out of a reduced company tax rate. Someone gets their full IC allowance no matter what the tax rate.

Of course, anyone on the 30% or higher tax bracket will have to pay an extra 1.5% because of the lower IC. But don't the big IC collectors pay at 15%?

 

[serfty]

Re: Oz Federal Election 2013 - Discussion and Comments

Understand what you are saying.

I don't really want any advice. Transfer the money that is leaking out of super fund into a financial advisor instead. No thanks.

I just want out.

I have never used a financial advisor ...

Anyhoo, if you are happier with 4 funds then so be it, although I severkly doubt the total annual management fees are a mere $300 - given the 1% test, that would only have with a total investment through the four funds as $30K.

 

[docjames]

Re: Oz Federal Election 2013 - Discussion and Comments

Understand what you are saying.

I don't really want any advice. Transfer the money that is leaking out of super fund into a financial advisor instead. No thanks.

I just want out.

No, just move the money all into the best fund (or two).

Financial advisor not required - all the companies have easily accessible roll-in forms. You do it yourself.

4x fees won't be worth it.

 

[amaroo]

Re: Oz Federal Election 2013 - Discussion and Comments

No, just move the money all into the best fund (or two).

Financial advisor not required - all the companies have easily accessible roll-in forms. You do it yourself.

4x fees won't be worth it.

Good advice.

 

[docjames]

Re: Oz Federal Election 2013 - Discussion and Comments

Good advice.

Past experience - multiple employers. All with different compulsory funds.

Of course, everyone circumstances are different, but for me it was a no-brainier to keep it to two or one fund and keep rolling them into each other.

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

I have never met anyone who could afford to have 4 funds running. If you use the sum of an annuity method the loss is significant and rising fast. Because we are not defined as financial advisers all we can say is have a look at a maths table book to see money invested at 7% doubles every ten years or alternatively money invested at 10% doubles every 7 years.
It is your call to fix it to make your money grow faster.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

The thing about Insurance is that you don't need it, until it is too late. Maybe when my husband of just six months developed a highly malignant cancer at the age of 23, this changed my way of thinking about Insurance, forever!

 

[Jacques Vert]

Re: Oz Federal Election 2013 - Discussion and Comments

Could someone explain to me how/why thw Coalitions plan to raise the funds for the Parental leave payment, will impact on super and Imputation credits? The closest explanation I have read is that a levy doesnt attract IC but that doesnt actually help me.

Perhaps this link may be helpful. JV

Liberal