SUPER FUNDS - What to look for????

[subaruforestermum]

OK, so after goig through all the places I have to change my address with, I realised I have acumilated 4 super funds, with all the numerous jobs I have had since 2000.

As back then I wasnt able to choose, the company had one which you HAD to be with, and ALL companies I worked for had this.

So now how do I find the right one for me???

I'm not working at the moment, well occassionally (working at the Police concert, guest performance Fergie - who is rumoured to be pregnant...).

I cant afford to pay someone to sort it out for me, as I know those services are available!

[WorkingClassMum]

do any of them have an exit fee? watch for this

are any of them an industry fund?

Im NOT giving you advice - I'm not allowed to - I work in the financial industry

what I'd - do is roll them all over into an industry fund - because that's what would suit me

You also have to consider is exit fees and on-going fees and if any of them have an insurance attached to them eating away at your balance

[stellarella]

We are with Australian Super. We did lots of research and both changed over to them, they had great returns and we also wanted our money to be invested in ethical companies so you can choose that option. So things like no oil or mining companies etc.

Anyway that is important to us.

They always seem to perform really well.

[subaruforestermum]

The ones I am with are:

Sunsuper - Been with them the longest, had an obligation to sign up with them through work.

InTrust - Industry fund for hospitality

Host Plus - Industry fund for Hospitality

Rest - which is an industry fund for supermarkets

How do I research the companies when they all ramble off jibberish??????

[jenkinsdakota]

Look at the websites. Look for performance tables and compare the performances. Also look for management expense fees and other fees. Just get the best performing one with the lowest fees. You should aim for management expense fees of about 0.7%

I'm with Hesta, so if in doubt just put all your money with them. Hesta has free financial advice. They're good enough for me. Australian Super is also good enough.

[MrsMiggins]

My suggestion to you is to call each of them & ask for their PDS (Product Disclosure Statement). Or just download it from their websites if that's easier. The PDS will be relatively easy to understand, as they must be written in plain english. It may be a lot to take in, but it's definitely worth doing your research on this. Take your time going through them, there's no huge rush.

The PDS will outline all their fees, charges, interest rate histories etc to help you make a decision.

Things to look for -

Fees: There will be a table in each PDS which clearly outlines all fees & charges. The PP mentioned MER (Management Expense Ratio or management fees). Just be aware that most (if not all) of the funds you mentioned don't charge an MER on top of their account fees etc, but rather this fee is taken into account when crediting interest to your account each year (eg: instead of crediting 8.7%, they might credit 8.2%) The MER will still be clearly outlined in the PDS, however it's important to note that it may not be an amount which is debited from your account along with other fees (even though it will be listed on your statement). It is also important to note that the MER may vary between investment options.

Interest: The PDS will show a history (1, 3 & 5 year usually) of interest crediting rates for each financial year. While this is not an indication of future performance, it is a good tool to use when comparing funds & investment choices. The funds you are with all allow investment choice, however if you are unsure, it's often a good idea to stick with the default option until you can seek financial advice.

Commission: The great thing about Industry funds is that you don't have to pay agents commissions.

Insurance: All these funds offer insurance if you are working & receiving employer contributions. If this is something you need, or will need in future, it pays to compare the types & levels of cover they offer.

If it's all a little too overwhelming (there's a lot of info to digest!!) call your individual funds & have a chat to them on the phone. Most also offer some sort of financial planning at a reduced rate for members (first session may even be free). Some will allow you to deduct their fee from your super.

Once you decide on a fund, call the one you wish to transfer to and ask them to send you out transfer protocol forms for the other funds (so you'll need 3 forms). Just fill them in & send them back to your intended fund & they will organise all the transfers for you. If your other funds require any further info to transfer, they will let you know directly (make sure all your funds have your current address & ph no before you start).

I used to work in the super industry (just resigned after finishing my maternity leave!) so if you need any further help (I can only give you general info) just PM me.

HTH!

[subaruforestermum]

Thanks for that MrsMiggins......

When I have some time, I will sit down and go through it all! Might have to get them to send it out, as may not be able to get the net, but thanks for the tips, and advice!