live2learn

Hi there,

I would like to know which Super Fund is the best and charges less fees etc.

My previous employer had opened my Super Funds account with 'MLC' and they are charging me a fee:

Administrative fee (1.3%) + Investment fee (1.7%) per year.

I will be starting my new employment next week. And they're with 'AMP Flexible Lifetime Super'. And they've given me the choice to choose any Super Funds. MLC or AMP or any other good Super Funds in Australia.

Could you recommend a good Super Funds in Australia?

Thank you!

Sherlock Holmes

Dangerous ground probably giving out this sort of advice but....Vison Super was, last time I looked, one of the most consistent well performing funds. Not sure about charges with them. My wife is with them as she was working for the govt.

I am with AMP Flexible life time...it does quite well although there are charges.

The supposed benefit of paying charges is that you are paying a professional to manage your funds for you.

One thing I can mention, stick $1,000 after tax contribution in each year the govt. will match it. That is a VERY good return on any investment.

live2learn

so you feel that MLC is charging economical with what the market rate is?

Sherlock Holmes

I think 2% ought to be tops. The sharemarket is falling at the moment (or it was yesterday!) But buying cheap is the way to go I feel, so that you have more units when values go up again.

live2learn

MLC is charging me an investment fee of 1.7%/year ... does this fee sound reasonable?

Bix

AMP can be one of the most expensive.

Sun Super used to pretty much mirror AMP but with lower fees.

Basically you get "free" financial help from AMP and pay for it whether you use it or not.

With Sun you only pay a fee if you want something.

I'm a bit out of date with all this but take a look at Industry funds too. I think they are the cheapest fee wise.

Bix

Bit of reading for you which is always good for confusing

http://www.moneysmart.gov.au/superan...and-retirement

http://www.chantwest.com.au/cwPublic...MenuItemID=424

http://www.industrysuper.com/

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

live2learn

i guess i am better off staying with MLC plus, if i move out there will be exit fees and other headaches.

One way or the other we get the returns and benefits of what we pay.

i know there used to be a website called:

http://www.superchoice.gov.au/

where we could choose which super is best but site doesn't seen to work any more... do they have a new one?

Bix

Something like in this one perhaps?

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

bingobob777

I spent about 4 hours reviewing AMP products the other night as my company defaults to them as well. Their products rarely rate in the top 20 of the index of comparable funds. In fact the standard one my company puts you in was something like 167/220 over 5 years

Do plenty of research.

live2learn

My case is similar to yours, the company I will be working for is with AMP.

some companies charge less in one area and more in the other.

So what have you heard about MLC are they any good?

paulry

Thanks, and it's also a very good tip. :sunglasses: Does the super fund usually remind policyholders at the appropriate time or can it be done at any stage during the year?

renth

True, but you only get that if you earn less than $31,920 a year.

http://www.ato.gov.au/super/content....age=3#P34_3099

Swerv-o

So, $61,920 is considered a higher income? Yikes...


S

renth

The key word is "higher" not "high". The $1000 govt. co-contribution is aimed at lower income earners.

Here are some interesting stats about median incomes in Australia (where the overall median income is $66,820).

http://en.wikipedia.org/wiki/Median_...nd_New_Zealand