Gee Posted October 26, 2006 Report Share Posted October 26, 2006 Hi all,As a soon to be Australian, I've heard many friends and colleagues talk about Superannuation funds that operate in Australia but never thought of asking, in simple terms, what they are, how they operate/are goverened/managed and how and if they differ from the Pension/Provident funds in South Africa?I suppose I could research this on the web but wondered if someone on this forum can give a quick synopsis of these fundstxcheersGavin Quote Link to comment Share on other sites More sharing options...
Mara Posted October 26, 2006 Report Share Posted October 26, 2006 Short and sweet. All employers are obliged to pay a minimum of 9% of your gross income into a superannuation fund of your choice. You cannot touch this money until retirement. If you change employers you can stay with the same fund. You are allowed to contribute of your own funds to the fund as well, many people do this, as it has tax advantages for you.I think it better to place your contributions into a pure super fund and not into one affiliated to an insurance company or bank. The admin fees are less and they appear to out perform them.As far as I am concerned the following is one of the best funds, however, I must stress, that is just my opinion!http://www.australiansuper.com/Mara Quote Link to comment Share on other sites More sharing options...
Gee Posted October 26, 2006 Author Report Share Posted October 26, 2006 Short and sweet. All employers are obliged to pay a minimum of 9% of your gross income into a superannuation fund of your choice. You cannot touch this money until retirement. If you change employers you can stay with the same fund. You are allowed to contribute of your own funds to the fund as well, many people do this, as it has tax advantages for you.I think it better to place your contributions into a pure super fund and not into one affiliated to an insurance company or bank. The admin fees are less and they appear to out perform them.As far as I am concerned the following is one of the best funds, however, I must stress, that is just my opinion!http://www.australiansuper.com/MaraHi there Mara,Thanks for your reply and explanation - a great helpI really like the fact that one can contribute to the fund over and above your employers portion and the tax break one can get.will check out your suggestion re the Pure super fundcheersGavin Quote Link to comment Share on other sites More sharing options...
Mara Posted October 26, 2006 Report Share Posted October 26, 2006 No problem, glad to have been of assistance.Mara Quote Link to comment Share on other sites More sharing options...
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