aurora Posted August 13, 2018 Share Posted August 13, 2018 I've just taken up permanent residency in australia and my employer has asked me to choose a super fund. I'm a little time poor but have had a look around different options and AustralianSuper seems ok to me (I like the idea of having permanent disability cover and income protection cover - some funds don't seem to offer an income protection option?). Growth and fees seem comparable and are at least clear - some fund websites don't seem to have these clearly laid out. I assume to have approx 20 - 22 working years left. Do I just tell my employer that I wish to use 'AustralianSuper' and that's that? Or do I need to specify which investment option e.g. 'premix Balanced' 'premix high growth' etc? Or is this something I sort directly with AustralianSuper once the account is open? thanks in advance! Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 13, 2018 Share Posted August 13, 2018 Australian Super has a good reputation so I think it's a good choice. I suggest giving Australian Super a call to confirm the correct procedure. I think how it works is that you need to join first: https://www.australiansuper.com/member-join#/ They'll email you a membership number, and you then fill in a form to give to your employer: https://www.industrysuper.com/calculators-and-tools/tools/choice-of-superannuation-fund/ Quote Link to comment Share on other sites More sharing options...
Ken Posted August 13, 2018 Share Posted August 13, 2018 7 hours ago, aurora said: I've just taken up permanent residency in australia and my employer has asked me to choose a super fund. I'm a little time poor but have had a look around different options and AustralianSuper seems ok to me (I like the idea of having permanent disability cover and income protection cover - some funds don't seem to offer an income protection option?). Growth and fees seem comparable and are at least clear - some fund websites don't seem to have these clearly laid out. I assume to have approx 20 - 22 working years left. Do I just tell my employer that I wish to use 'AustralianSuper' and that's that? Or do I need to specify which investment option e.g. 'premix Balanced' 'premix high growth' etc? Or is this something I sort directly with AustralianSuper once the account is open? thanks in advance! AustralianSuper is an Industry Super Fund. Industry Super Funds are always claiming to give better returns so it should be a good choice but unfortunately it won't be for another 20 years before we find out if that applies for the next 20 years (past returns are no guarantee of future performance as the saying goes). You need to join the fund first so you have a membership number and then there is a special Superchoice form you need to give your employer. The ATO have an official version of the form and many employers give them to their new employees to complete but most of the Superfunds have their own pre-filled versions of the forms that are equally acceptable and easier for you. There is a penalty for the employer if they pay to a different fund from your choice which is why they need a signed form showing what you chose. Which investment option is between you and the Superfund. The employer only needs to know which fund he's paying to (and your membership number) not how the fund is going to invest it. 2 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 13, 2018 Share Posted August 13, 2018 24 minutes ago, Ken said: AustralianSuper is an Industry Super Fund. Industry Super Funds are always claiming to give better returns They don't actually promise to give better returns, they promise to charge lower fees, which should mean you end up with more in your pocket. Who knows whether it's true or not, but I'd certainly rather give it to them than any of the banks or AMP after all the skulduggery they've been up to. I also wouldn't touch AXA or BT with a barge-pole after having super with them at one time - trying to get my money out of them was like pulling teeth, I must have had half a dozen phone calls from each of them, trying to persuade me not to transfer my money to another fund. Talk about browbeating! 1 Quote Link to comment Share on other sites More sharing options...
DT55 Posted August 30, 2018 Share Posted August 30, 2018 The book Barefoot Investor gives a good intro to Australian Super (and other money related stuff) I've gone with the HostPlus account with (really) low fees recommend in the book but as Ken says I'll only find out in another 20 years whether I made the right choice or not 2 Quote Link to comment Share on other sites More sharing options...
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