Yep, still looking for one of those too, as I need to sort my Super fund out as well...have been less than impressed with the ones spoken to to date.Quote:
Originally Posted by LandyAndy
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Yep, still looking for one of those too, as I need to sort my Super fund out as well...have been less than impressed with the ones spoken to to date.Quote:
Originally Posted by LandyAndy
Big tip on super funds join an Industry Fund dont take out a commercial super policy from likes of AMP, Bankers Trust Colonial Mutual. and dont fall for the you can establish your own superannuation fund crap either
Why ?
Money from super funds all invested in same retail and wholesale funds area by same funds managers
Industry Funds admin charges **** loads lower than commercial funds as dont pay sales agents charges advertising budgets etc
Industry Funds dont charge fees if you transfer money to another industry fund
The self managed superannuation fund is too costly to self regulate and toooooo small to get any benefits from investing options compared to larger retail or industry funds
How do l know
Was Trustee director of a Major Industry Superannuation Fund in past life and sat on investment committees and had all the commercial supernnaution financial banks ******* come do thier pitches about how good they would be as money managers for our billion dollars in members accounts.
OK, I'll show my ignorance of Aus pensions...what's the difference, and how do I tell a fund is an industry fund. I've got a few to look at, and wanted to ideally wrap life insurance into the fund so it's paid for from my pre-tax salary too.Quote:
Originally Posted by cartm58
well good article in today Melbourne Age on performance of Industry Superannuation funds compared to Retail Master Trusts done by the Govt regulator which shows Industry Funds outperformed them over last 10 years/
Industry Fund identiable by name and use tag Industry Fund
http://www.selectingsuper.com.au/Provider_profiles.html
this site is useful l have no connection with it use google for search using Industry Superannuation Fund
It works as they are not for profit as organisation set up so fees charged to members minimal, advertising commercial fees low, no agent or commission fees paid out and so on,
Their money is invested in same way and same markets as Retail Trusts
From Tax point of view if you in top tax bracket 42 cents in dollar for every dollar you put into superannuation as a salary sacrifice contribution you paying 50% less tax approximately compared to getting dollars in your pocket and investing in shares after paying tax. Seeing superannuation funds investing in share market why own your own shares.
and now when you take money out after 55 years age your not paying on it cents so tax savings going and coming out significant return compared to property, shares where you pay capital gains tax and income tax
Life insurance not sure you wont to take it out with superannuation fund compared to market insurance
L would contact someone like insurance broker Jardine Llyod Thomas and get quote for income protection polic for death disability which is 104 weeks coverage up to $1,800 week in total income (wage overime etc) cost varies on age, occupation, cost also varies on wait period longer the wait period cheaper premium varies from 5 to 28 days.
I would take out separate death coverage or mortgage payment insurance depends on your financial situation and martial and dependents
Superannuation Funds tend to offer lower dollar insurance value products for members as part of coverage as offering low cost
Again doing it as salary sacrifice brings tax savings to offset costs involved
Thanks for the info - have a few better questions to ask now. This is all quite different the UK market I'm used to for pensions, and back there, you usually get life insurance and what we call "critical illness cover" as an employment benefit for "free" so I've not had to buy cover for many years. Mortgage cover would be beneficial if I could actually find a bloody house! :DQuote:
Originally Posted by cartm58