sharetrader
Results 1 to 5 of 5
  1. #1
    Advanced Member
    Join Date
    Feb 2011
    Location
    Wellington
    Posts
    1,610

    Default Aussie Superannuation scheme

    Hi Team ,
    My daughter has headed off to live in Australia .
    Just wondering if anyone can give me a few pointers on how to get her set up in a decent Super scheme . ( Not self managed)
    I have read the recent stories around "life insurance " in the schemes so will make sure she opts out .....
    I have had a look on the HC Super thread but couldn't really find anything relevant.
    Be great if anyone can give me some tips to point her in the right direction.

    Cheers

    S/L

  2. #2
    Junior Member
    Join Date
    Jun 2014
    Posts
    16

    Default

    She should heed Dad's advice and sign up to a provider prior to employment, otherwise she'll be opted into her employers default provider. That said, it's really easy to have your balance transferred to a new provider if other things take precedence while setting up.

    Asides from the obvious matter of returns, there is significant variation in the level of transparency and ease-of use across providers. With some providers just trying to establish pre- and post-fee returns can be a real headache, let alone trying to assess the fees levied and default insurances. AustralianSuper (I think perhaps the biggest provider)was recommended to me by friends and colleagues and I've found them to be great, with an extremely transparent and easy to use online portal. From recent experience, you can easily and online alter your investment mix, evaluate returns and fees and assess and revise your insurance options.

    More importantly, it has been one of the better performing funds since I've been here, which is great because employer contributions of 9.5% can quickly add up. There's a bunch of information online here to help find the right option for her.

    https://www.morningstar.com.au/funds...e-table/167414
    https://www.moneysmart.gov.au/supera...g-a-super-fund
    https://www.canstar.com.au/superannuation/

  3. #3
    Reincarnated Panthera Snow Leopard's Avatar
    Join Date
    Jul 2004
    Location
    Kuching
    Posts
    377

    Default

    During my six years working in Aus I had six different Super Accounts, three of which were created by administrative errors.
    My first was the company default provider.
    We were bought out and my new employer had a company specific super which had really great benefits so I switched to that, and transferred the original into it.
    Then we sold on to another company so I had to find a new one and I created a fund with AustralianSuper and gave the details to my latest employer who then:
    Firstly opened a default fund (with ANZ) and paid into this.
    Then, when I pointed out the error, opened another new fund with AustralianSuper, and started paying into that.
    My prior employer realised they had underfunded (the company specific) fund and created a new fund to put the backlog into.

    Then things really went downhill and during the process of combining the four into one I ended up making a formal complaint.

    So I currently still have one fund with AustralianSuper who can cope with the everyday stuff of collecting the fees but have proved to be totally useless at anything out of the box.

    Yet, they are probably the least worse of the entire money making rort than the entire Australian Super Scheme is.
    Last edited by Snow Leopard; 07-04-2019 at 03:19 PM.
    om mani peme hum

  4. #4
    Senior Member
    Join Date
    Dec 2001
    Location
    Wellington, , New Zealand.
    Posts
    919

    Default

    Coupleof things picked up in passing from friends in Australia. Check into salary sacrifice as it can be tax effective. There are potential issues with transferring super back into Kiwisaver, to do with withdrawing for first home and also retaining Kiwisaver eligibility for first home grants. Not sure of details, but worth checking into if a move overseas may not be permanent.

  5. #5
    Advanced Member
    Join Date
    Feb 2011
    Location
    Wellington
    Posts
    1,610

    Default

    Thanks Fuzzy, Snow L & artemis

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •