Thread: Superannuation funds and more

May I suggest that you checkout the industry based super funds, like this link http://arf.com.au/ which is who I am with. They have very very low fees.

With commercial super fund providers you will find that they operate on percentages, so you get slugged with a percentage joining fee and percentage annual fee, which is all based on your TOTAL dollar values. Over the life of your super this can and will amount to 1000's of your dollars that you will not get.

MathewA,

Just having a look at your web page... you've made some bloody nice pieces.

Industry super funds seem to be the best performers with the lowest fees, because they don't pay commisions to agents.

Be warned. Some where 3 years worth of my super has dissappeared into the system.

The employer says it was paid into a fund. (Has details)
Fund says they don't know of me? (did a search)

Nothing on the lost super files.

Now what:confused:

Matthew,

I'd advise sticking with an Industry fund if at all possible. Our Unisuper fund is an excellent performer & has very modest fees. Like most Industry funds, they've already got a captive market & so don't have to pay commissions to agents to get people to join.

Don't know about medi funds though. I was one of those that joined Medibank Private a few years ago when line was pushed that if you didn't join, the sky would fall in. The contributions have nearly doubled in five years so I wouldn't recommend that one.

Cheers,
Keith

Be warned. Some where 3 years worth of my super has dissappeared into the system.
The employer says it was paid into a fund. (Has details)
Fund says they don't know of me? (did a search)
Nothing on the lost super files.
Now what

I'd be taking legal advice and getting onto it.

Originally Posted by DavidG

Be warned. Some where 3 years worth of my super has dissappeared into the system.

The employer says it was paid into a fund. (Has details)
Fund says they don't know of me? (did a search)

Nothing on the lost super files.

Now what:confused:

In addition to the details your employer has, I assume it would be stated on your Group Certificates. If so I'd be lodging all the details with the Tax Office.

Mathew
what you hav mentioned is indeed a mine field and not only for new chums but for us all . the decisions you make now will have a huge impact on your future
As to assesing super funds you could try some of the finance magazines, such as MONEY ,PERSONAL INVESTOR etc....you can proberly axcess issues at the library to find what you need or for Money try here
http://money.ninemsn.com.au/article.aspx?id=75938 and follow the links
the financial times on saturday often gives a run down and some of the online trading sites such as comsec have the info available , but you will have to regester , comsec ( the one I use ) is sort of free you have to have $5000 in an investment account to get in at the lowest rates.

As to medical I have no idea as I don't pay into one , there was a good debate on the forum last wear on the pros and cons of being in a medical , may pay you to have a look before making any decisions in that field

Rgds
Russell

Originally Posted by DavidG

Be warned. Some where 3 years worth of my super has dissappeared into the system.

At least you know you've lost it. The rest of us think we have money in our funds which we probably do currently until the laws change again.

Will we be able to access it when we retire though?

Dont fall into the trap of worrying only about fees. The future 'long term' performance of the fund(s) is the most important thing to consider.

You may save a couple of thousand dollars in fees but if you pick the wrong fund(s) you may miss out on 10s of thousands of dollars in long term capital growth.

Tough choice, but I would suggest you seek out a good financial advisor. Talk to your family, friends, work colleges etc. and see if they can recommend anyone locally.

If all else fails DIVERSIFY!

Your friendly tax man can help.

Al