OnYellowBrickRd Posted May 10, 2013 Report Share Posted May 10, 2013 I have seen that there are many different superannuation companies out there. We are in Queensland and would like to hear advice from others before we make a decision on who to use.Thanks! Quote Link to comment Share on other sites More sharing options...
Mara Posted May 10, 2013 Report Share Posted May 10, 2013 I will always advise people to go with what they term an "industry fund" in Australia. They are deal in superannuation, have minimal charges and generally do a great job. The fund of choice for me is "Australian Super", I have been with them for the past 16 years and have absolutely no complaints. I would never deal with a bank or an insurance company for superannuation, when they make a loss in their other divisions it definitely has an impact on the superannuation section. In all those years that I have been with Australian Super, my fund has never shown a negative growth, even when there were hard times a number of years ago. We have chosen Australian Super as our fund of choice at the company where I work. Check them out at http://www.australiansuper.com/Also, if you are planning on taking out life insurance, they can do that for you as well, at a much better rate than you will get if you go directly to the insurance company as it is a group insurance that they take out. The only difference is that when you need to lodge a claim you lodge it Australian Super and they in turn will lodge it with the insurance company. My husband's life insurance, for the same amount, with the same insurance company dropped by nearly 40% when we changed it.You can read about "industry funds" here http://www.industryfunds.com.au/ 5 Quote Link to comment Share on other sites More sharing options...
Jordy Posted May 10, 2013 Report Share Posted May 10, 2013 I would second what Mara said. We are also with Australian Super. Couldnt be more pleased with my super's performance. Quote Link to comment Share on other sites More sharing options...
Toitjie Posted May 10, 2013 Report Share Posted May 10, 2013 Thanx for the great answer Mara (and the great question OYBR )...Im slowly starting to think about these things too and will most definately check them out Quote Link to comment Share on other sites More sharing options...
Eva Posted May 10, 2013 Report Share Posted May 10, 2013 because if you don't think about it whoever you work for will think about it for you! I have done temp work at my son's school and didn't even realise I was going to GET super, nek minnit a letter from the super fund, although it was probably serendipity because it happens to be with QSuper, the superannuation fund for current and former Queensland Government workers and their spouses, so hopefully they are not too bad. Quote Link to comment Share on other sites More sharing options...
luckytobehere Posted May 12, 2013 Report Share Posted May 12, 2013 My situation is similar to Eva's. Went automatically onto QSuper while working for the TAFE. Being government, the fees are low or non-existant, and the performance good. When leaving this government job I was allowed to stay with QSuper, which I happily did.Since then I've heard anyone can go to them regardless of being a civil servant. So, OYBR, I'd look into this if I were you. Quote Link to comment Share on other sites More sharing options...
GideonVD Posted May 13, 2013 Report Share Posted May 13, 2013 Good to know these things. Will definitely be considering Australian Super Quote Link to comment Share on other sites More sharing options...
AndreaL Posted May 13, 2013 Report Share Posted May 13, 2013 With most jobs you will automatically go onto whichever superannuation the company uses unless you opt for your own. 1 Quote Link to comment Share on other sites More sharing options...
GideonVD Posted May 13, 2013 Report Share Posted May 13, 2013 Will try to opt for AS where I can Quote Link to comment Share on other sites More sharing options...
miraclebabycaw Posted May 15, 2013 Report Share Posted May 15, 2013 Great answers..we have just both got permanent jobs and my hubby definitely needs to choose one as the company just uses banksa super and I don't think it's good. We also need life insurances and from the sounds of it Mara we can just get that through super as well..so Australian Super offers Life Insurance and loss of income insurance? What about disability benefits? So new to all of this. Australia Super is a definite contender though I would say... Quote Link to comment Share on other sites More sharing options...
patrice Posted May 16, 2013 Report Share Posted May 16, 2013 the key is to buy your insurance in your super fund - as you then pay for it with pre-tax moneyyou can get the full cover insurance in super-the alternative is to do a self managed super - can be for a family of up to 4 which gives you control and has even more tax benifits - works similar to a pension and trust fund but costs a bit more i.e. must be audited every year so depends on your situation and needs Quote Link to comment Share on other sites More sharing options...
AndreaL Posted May 16, 2013 Report Share Posted May 16, 2013 We are with Auscoal Super, they were judged Industry Super Fund of the year in 2012. We also have death and disability insurance and income protection with them, their performance rates along Australian Super at 6.3% and 6.5% respectively.This might interest those looking for supers' Top 25 performing Supers over the longterm Or this http://www.superratings.com.au/ratings/super 2 Quote Link to comment Share on other sites More sharing options...
GideonVD Posted May 16, 2013 Report Share Posted May 16, 2013 Thanks for the extra info AndreaL Quote Link to comment Share on other sites More sharing options...
AndreaL Posted May 16, 2013 Report Share Posted May 16, 2013 No problem Gideon, remember that your income protection payments are tax deductible http://www.ato.gov.au/content/00313902.htm Quote Link to comment Share on other sites More sharing options...
GideonVD Posted May 16, 2013 Report Share Posted May 16, 2013 That's what I'm bargaining on. Will definitely try and get AustralianSuper Quote Link to comment Share on other sites More sharing options...
Mara Posted May 16, 2013 Report Share Posted May 16, 2013 In Australia, a few years ago, the laws were changed, so that employees could choose which superfund they wanted to belong to. There are, I think a different set of choices for the very large employers, but for the smaller ones, they have no choice, they have to pay your super into the fund of your choice.If you wish to read up on the rules and regulations, then read this : http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/superchoice_obligations.pdf/$file/superchoice_obligations.pdf 1 Quote Link to comment Share on other sites More sharing options...
bbop Posted June 20, 2013 Report Share Posted June 20, 2013 Can we belong to a super fund before we actually arrive permanently in Australia? We want to start contributing now already if at all possible. Quote Link to comment Share on other sites More sharing options...
Mara Posted June 20, 2013 Report Share Posted June 20, 2013 Bbop, cannot answer that, but I do know that Australian Super are pretty good at answering questions, here is a link to them:http://www.australiansuper.com/ Quote Link to comment Share on other sites More sharing options...
bbop Posted June 20, 2013 Report Share Posted June 20, 2013 Thanks Mara, I have sent them a message - lets wait and see Quote Link to comment Share on other sites More sharing options...
Kanniewagnie Posted June 20, 2013 Report Share Posted June 20, 2013 Bbop, if they answer you, I will also want to know, pls. Tx. Quote Link to comment Share on other sites More sharing options...
Mara Posted June 21, 2013 Report Share Posted June 21, 2013 It will be interesting to see what answer you get. I just spoke to someone there, they told me that you can join on line, from RSA, HOWEVER, apparently due to tax constraints, you cannot place any money in your super until you arrive in Australia. Quote Link to comment Share on other sites More sharing options...
GideonVD Posted June 21, 2013 Report Share Posted June 21, 2013 And according to what I heard, you can transfer your RA's to your super within 6 months of arriving Quote Link to comment Share on other sites More sharing options...
Kanniewagnie Posted June 22, 2013 Report Share Posted June 22, 2013 Do you mean we can transfer the cash value of the RA only (which in my case will be +- R10000, although my contributions to date amounts to about R80000,00)? Or can you transfer the whole value of the fund? Quote Link to comment Share on other sites More sharing options...
Gizmo Posted June 22, 2013 Report Share Posted June 22, 2013 Whoever you go for, make very sure to find out what their fee is for transferring you money to another fund. At some point you will change jobs and you want your money to all be in the same fund, not have money floating around several funds.I am not talking about a small fee to transfer your money - some funds will charge you 50% of what is in your fund to transfer the money!!! Quote Link to comment Share on other sites More sharing options...
Mara Posted June 23, 2013 Report Share Posted June 23, 2013 Well Australian Super is not one of the funds that charges you 50% !!! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.