The Dark Don Posted November 9, 2014 Share Posted November 9, 2014 Hi Guys Myself and my partner are brand new to Perth and have been advised to get a Supperannuation set up. Can anyone recommend a good company to use for this? Thanks for taking the time in reading and any comments would be much appreciated. All the best Mark and Magda:cool: Link to comment Share on other sites More sharing options...
dxboz Posted November 9, 2014 Share Posted November 9, 2014 Your employer will set up a superannuation fund that they will pay into for you when you start working - you do not have to contribute anything yourself unless you want to. They may only have one specific fund that they will pay into or you may be offered a choice. Link to comment Share on other sites More sharing options...
BrownEyedGal Posted November 9, 2014 Share Posted November 9, 2014 Hi and welcome Mark and Magda I would take a look around this site for help and advice. Superannuation is a popular subject! There is a lot of information to get your head around, so don't expect to get a definitive answer as every family/person is different. But initially you should find out if you would like to be in an Industry super or as suggested above the company you are working for Super'. Other knowledgeable PIOers will probably add to this thread. All the best BEGal Link to comment Share on other sites More sharing options...
MARYROSE02 Posted November 9, 2014 Share Posted November 9, 2014 I think some of the super funds also offer you the option of choosing how you want your super invested? The 'default' is usually 'Mixed?' I've got money in three different funds, which I should perhaps consider combining in one fund? If you change jobs (frequently) that might become an issue, if you keep accepting the fund your employer uses. There are possible benefits to making additional contributions to your fund. I think the Aussie Govt used to match an extra contribution of $1,500 by $1,000, or vice versa? If you take any unpaid leave from your job, it is also sometimes worth making your contributions up, if you are allowed. I put a few 'question marks' in because I'm not up-to-date with super. At my age - 60 - I should perhaps consider 'transition to retirement' which I'm not sure about, although in my defence, I have been working on a casual basis for the last few years. I guess that making extra contributions to super may not always be for the best, if you have a home loan perhaps? I remember starting extra contributions then changing my mind and making extra payments on my mortgage. I'm glad that I made extra payments into my Royal Mail fund, now that I'm getting my pension now. Link to comment Share on other sites More sharing options...
The Dark Don Posted November 10, 2014 Author Share Posted November 10, 2014 Thanks Dxboz that is one option for sure. However if you are going to move employer quite often that may become complex. Do you think setting one up myself is a better option. Link to comment Share on other sites More sharing options...
Guest Posted November 10, 2014 Share Posted November 10, 2014 I was with Sunsuper but changed to ING and less seems to be dissappearing in fees. No idea which are performing the best though. Link to comment Share on other sites More sharing options...
The Dark Don Posted November 10, 2014 Author Share Posted November 10, 2014 Yeah i have just set mine up just now with ing.com. Nice clear site easy access and a form you can print off to give your employer. Plus you have a choice on where they invest your money. I think they could be ok but only time will tell. Link to comment Share on other sites More sharing options...
Guest Posted November 10, 2014 Share Posted November 10, 2014 Yeah i have just set mine up just now with ing.com. Nice clear site easy access and a form you can print off to give your employer. Plus you have a choice on where they invest your money. I think they could be ok but only time will tell. I liked the level of control over your insurance with ING too. Also, if you are looking for a bank account ING are great as all ATM's are free and you get 2% cashback on any paywave purchases. Link to comment Share on other sites More sharing options...
The Dark Don Posted November 10, 2014 Author Share Posted November 10, 2014 Freemoney withdrawal at all ATM's with ing!!!! Wow thats amazing like being back in the u.k again. I am with west pac at the moment and i wouldn't recommend them highly at all. I will stay with them till i find a job then i will probably change. ing.com sound great plus 4% interest on savings at the moment can't be bad. Link to comment Share on other sites More sharing options...
Marisawright Posted November 10, 2014 Share Posted November 10, 2014 Your employer will set up a superannuation fund that they will pay into for you when you start working - you do not have to contribute anything yourself unless you want to. They may only have one specific fund that they will pay into or you may be offered a choice. I would advise against just accepting the fund your employer sets up. The performance of super funds varies hugely and it's your money, so you're wasting a great opportunity if you don't do your own research and decide which one you want to go with. I'm a big fan of the industry super funds which generally have lower fees and perform pretty well. ING has a very simple superannuation which you can manage online - possibly not a great performer though. Link to comment Share on other sites More sharing options...
Marisawright Posted November 10, 2014 Share Posted November 10, 2014 Thanks Dxboz that is one option for sure. However if you are going to move employer quite often that may become complex. Do you think setting one up myself is a better option. Yes. Don't set up a self-managed superannuation fund though - just sign up with one of the big super funds. http://www.superguide.com.au/how-super-works/top-10-performing-super-funds-20132014-year-past-10-years#Top_10_performing_super_funds_over_10_years_industry_funds_win If it's all too hard, then you can set one up with your bank ING, it's a very easy-to-understand option though it may not do as well as the big 10. Link to comment Share on other sites More sharing options...
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