Once you set up an APB, is it easy to switch to another provider?

Discussion in 'Financial Independence, Retire Early (FIRE)' started by jaybean, 24th May, 2021.

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  1. jaybean

    jaybean Well-Known Member

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    I've been putting off setting up my parents APB because I've wanted to spend some time researching the best super fund to use first. But I'm so busy right now I figure I might as well just get it setup and moved over if / when we switch. I just want to make sure I'm not violating any rules by doing so or creating all sorts of headaches? (dad is over 65)
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    I've never put an APB out for my parents. I don't think that they've ever run away or committed a crime. :confused:
     
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  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    You are likely to cause more harm than assist as you dont possess a AFSL and lack the skills, experience and knowledge. And are limiting him seeking that guidance. This very question is a example. An account based pension cannot be "moved". However it can be ended and then a rollover to a new fund and a new pension started. Its straight fwd but a pain. Is there any merit to any strategies to address taxed elements ? How will he address his will and a death noination or reversionary pension ? Do you know if a change of pension provider will trigger a centrelink issue ? Some do and are "grandfathered" from asset tests but moving it will end that. The very issue of inaction is evident and he is potentially 5 years past the best time to commence a ABP. Maybe.

    You say 'we". ? It is his super.

    It would be practical for you mum and dad to meet with a fund adviser. I trust you dont get equally as involved with their dental needs ?