knockoff nige

For anyone who has been through the process of moving jobs, what was your preference regarding Super. Did you stick with the same Super fund or did you move it to a new one offered by your employer.

I understand that industry super funds are cheaper. But, surely moving a super fund from 1 to another would mean taking a loss somewhere.

Any help will be much appreciated.

bumble69

Also interested in this one too as I am due also to move. I think it's best not to have multiple as you pay the fees each time but other than that I'm not sure.

fish.01

Better to keep the same fund if it is a good one. Just inform your new employer which fund you want your super paid into.

If you want to change into a better fund (eg from a retail mastertrust into an industry fund) then you just get a transfer form and they deal with the transfer. No loss that I know about and long term might put you way ahead with the lower fees. Accumulating multiple funds through changing jobs is a bad idea as may pay multiple admin fees.

Kiwipaul

My default super fund was ARC Tower which was (still is) generally towards the bottom of the super ranking so I switched to one of the leading Industry funds MTAA in 2007 which was generally at the top of the ranking. Switching costs were negligible

Come GFC fund drops 30% and now it is the bottom ranking fund for the last 3 months (out of approx 100).

Needless to say I've now opened another fund to spread my risk and just hoping MTAA picks up.

It's all a gamble as MTAA was recommended prior to GFC for it's outstanding performance.

Swerv-o

How do you find comparison information WRT super funds? I have found it insanely difficult to discover any real way of comparing funds.

I am with Virgin, and find their fee structure to be one of the lowest - lower than many of the industry funds - but trying to get a comparison on performance is very hard indeed. I would have expected that somebody would produce a yearly ranking or similar.


S

knockoff nige

Yeah, I'm finding the same problem. Too much finance jargon as well. Would be nice to know the top 5 performers for the past 5 or 6 years and then compare fees.

Swerv-o

Hell, the top 100 would be even better! But yes - I largely suspect that approach is just far too simple for Australia...


S

knockoff nige

Probably too difficult to find as it would be the death of many funds I'd imagine.

Swerv-o

Ah, so the openness of the system is predicated on keeping consumers in the dark for fear that they may actually see how their money is performing and move it elsewhere!

Now that's VERY Australian...


S

bumble69

Glad it's not just me.... I guess seeing a financial adviser would be the best plan, although finding a good one is another challenge....

Kiwipaul

See here

http://www.apra.gov.au/Super/Publica...lications.aspx

and download this in pdf or excell format
Superannuation Fund-level Rates of Return (issued 29 February 2012) PDF |
Excel

It seems to only refer to the default option but go into any superfund web site and it will give breakdowns of each option and their performance.

Also check out the financial magazines (I think it's Money which has performance tables of top 100 superfund at the back as well as share details, best term dep, etc.

Swerv-o

Thanks KiwiPaul - that's a really useful comparison guide.


S

Kiwipaul

You might find this site better it's not so detailed and it's eaiser to read.

http://www.selectingsuper.com.au/PerfTables.html