Suggestion for a good Super Annuation fund

Discussion in 'Superannuation, SMSF & Personal Insurance' started by realestatefellow, 6th Sep, 2019.

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  1. realestatefellow

    realestatefellow Member

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    Hi all,

    I am with a super fund currently and have around $200,000 with them. I read some review about them online recently and they were absolutely horrendous (literally zeroes everywhere and they were getting blasted).

    I'd like to move somewhere that I can trust, who provides great solid reliable returns, and someone I can use long term.

    Can someone recommend a few so I can check them out?

    And finally, how much are my existing (horrible) super company going to charge me to move my funds, and are there any other issues/roadblocks I should be aware of regarding the process of moving from 'old' to 'new'?

    Thank you.
     
  2. JohnPropChat

    JohnPropChat Well-Known Member

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  3. realestatefellow

    realestatefellow Member

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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    By the looks of it Plum is part of NAB - a retail fund. Check out superratings.com.au for performance comparisions.

    Plum isn't showing what their returns are as their current strategy is less than a year old. Linky
     
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  5. JohnPropChat

    JohnPropChat Well-Known Member

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    Plum is a subsidiary of MLC (a retail super fund owned by NAB). Cut your lossess. Move your funds to AustralianSuper cash option for now while you educate yourself on various superfunds and available options.
     
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Set up the new fund and they will roll over the funds from Plum, generally no cost.

    While you're at it, search for lost super to roll in as well - Searching for lost super
     
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  7. Rickwood

    Rickwood Member

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    Sound guidance from Scott and John - be sure to take it on board
     
  8. realestatefellow

    realestatefellow Member

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    Thank you all.
     
  9. Paul@PAS

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

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    I would not just move super without asking yourself some more questions.

    eg Will I lose insurance ? Can I even reapply for it ? The loss of life/ TPD cover or a more expensive replacement is important to consider.
     
  10. Gill Bates

    Gill Bates Well-Known Member

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    This was default super fund for Tattsgroup staff transferred to Tabcorp in recent merger
     
  11. Gill Bates

    Gill Bates Well-Known Member

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    Arrange insurance in new super scheme before cancelling it in old scheme.
    Some like AU super have some kind of mechanis, for transferring it - you need to research this...
     
  12. Ross36

    Ross36 Well-Known Member

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    This is a HUGE point that people don't think about when rolling over their super. If for example you've had a super fund for a long time with insurance, and during that time have been diagnosed with anything which may result in a TPD or death claim, you probably are covered. If you move to a new fund and cancel the old one you likely lose the old insurance and the new one will exempt you because it is a pre-existing condition.

    Something as common on knee surgery due to a sports injury can be considered a pre-existing precursor for arthritis and might stop an insurance payout.

    Don't quote me and DYOR, but we were advised that if you have multiple super accounts each with insurance then they may all pay out in the event something happens. With so many super funds having cheap fees its important to think about whether a single super fund is actually better or whether you might want 2 to take advantage of the often no questions policy asked for base insurance policies.
     
  13. JohnPropChat

    JohnPropChat Well-Known Member

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    Insurance shouldn't be tied to a superfund. It can be funded from a super fund but should be a policy on its own so it moves with you. Many also don't understand how limited default group insurance policies from superfund can be.

    PS: Seek insurance advice from a good planner.
     
  14. Ross36

    Ross36 Well-Known Member

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    Most people have TPD and income insurance in super. Whether its good or not is a different story, but something to think about if rolling over.
     
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