Swerv-o

OK, been in and signed my contract today, and obviously need to select a super scheme.

Does anyone have any advice in this? There is a bewildering amount of information on the net, but I just can't find a place to begin! Is there a website that compares the reletive merits of each scheme?

I was thinking of starting with the Virgin super, as it seems very simple and relatively fee free (1% commission p/a). Does anyone have any experience of this?

Confused

S

Bix

Sorry mate, I can't really offer you any advice but here's a start for you.........

Information........ http://www.inprs.org/data/countries/report...untryreport.pdf

Compare funds........
http://www.chantwest.com.au/cwPublic...MenuItemID=124

More info......
http://money.ninemsn.com.au/super-and-tax/

Swerv-o

Cheers Bix - a place to start at least!

ianandhelena

we found this site useful.

geordie downunder

The union run funds usually have the best returns as they pay no commissions,therefore a financial planner will never recommend them.Funds such as STA and Cbus are industry funds,(union ) I think my fund charges at a rate of 60 cents a week no matter how much is in it.Your employer may have an industry fund as a default fund.From memory the best performing fund has been the motor mechanics one. ASFA has a good website and links.

Amazulu

I've just changed mine to MLC. It's currently growing at about 13%pa. Sometimes funds that charge more have higher growth than funds that charge less.

geordie downunder

I am a shareholder in both companies that have owned MLC.First it was owned by Lend Lease and then sold to NAB.The 13% is a low return as the market has returned around 25% per annum over the last 3 yrs prior to the May gyrations.As most of them only index weight then the fund with the lowest charges will give higher returns,they all own the same shares.A look at a company annual report will give you the top 20 shareholders in a company,they are all the same.Bank stocks make up most of the index,so most of your money goes into them.Even a small bank like Suncorp makes $1 mill a day in fees and charges on super funds/wealth management.BT is owned by westpac and colonial first state by CBA,I forget the ANZ one and do not have an annual report to hand.From memory industry funds have returned around 15.5% over the last 3 yrs.The reason you have underperformed the market is diversification,probably the good old shares/fixed interest/property/cash mix and fees and charges.Morningstar rates a lot of funds and is printed in most newspapers during the week.To perform better than the market you need to pick your own shares or have a stock picking fund or a fund with internal leverage through warrants etc.

jad n rich

Start with your industry fund, usually big, cheap and fairly low fees.

Other than that there are 1000's and 1000's of funds.

Most the past year have grown well, the share market has grown well.

Be aware, the last few years prior to that many went backwards, as they will any time the share market takes a plunge.

Its a point often not discussed (especially by the gov ) who think the enire country having their superannuation in share funds is a great idea. Probably hedge your bets and do what the older aussies have always done, a bit of property too. If ones ass up when you retire the other should be performing well.