My wife a teacher and they refuse to switch her super to e-superfund, when my wife called them they said that while she was employed by Queensland education they could not transfer it over! If find It hard to believe that she cannot pick her own choice of superfund? So I thought i'd ask here first before going on the war path. Is this right or are they just being difficult.
They are being difficult. I pretty sure they change the law years ago where you could change superfunds and you were not trapped by your employer.
Yes, for most people. Commonwealth public servants and Defence Force personnel have no choice - their employer contributions are unfunded I believe. People employed by State agencies may be similiarly restricted. That info shoud have been made avcailable at the time the legislation was enacted. Is there a State super ombudsman?
yeah I the others haven't been helpful either, except sun super who were very pleasant and easy to deal with
They are correct - she must remain in Qsuper. She has no choice. If she quits, then she can go to an SMSF.
She may be able to do a partial transfer. As long as she leaves a minimum of $1k in the account, she may be able to transfer the rest to the SMSF. Depends on the fund but it may be worth asking.
Good point but no - she must have her super with QSuper until her employment is terminated. She has no choice. I reiterate, she does not have a choice.
if she's under the older 'defined benefits' scheme it's unfunded and based on a mulitplier of your final 3 years pay...not the performance of the stockmarket, (accumulated fund) which applies to those that joined too late to apply for defined benefits super. Defined benefits means they can't pay you out until you quit (then they write a lump sum cheque from consolidated revenue). Personally I reckon you'd have to be crazy to ditch defined benefits super (or a Govt backed accumulated fund). It's the only saving grace for such a crappy unappreciated and under rewarded job.
+1 Most employees under 50 are under the Accumulation Fund unfortunately, which is not as good in my opinion. So it's an SMSF for "thatguy" with his wife as a trustee. That's the only option they have.
Im not with QSuper but my work told me the same thing (mine is a Public Sector Superannuation Accumulation Plan). They even told me Id have to resign to transfer it. After a few weeks I rang and spoke to another woman about a partial transfer and she said as long as I leave $1k in the account to cover fees and insurance it was fine, so now I transfer all but $1k every 4-6 months. Its worth the phone call. They can only say no.
After having a quick look, my understanding is you can only transfer out what you have previously rolled in from another superfund. Good luck and have fun
I understand that this was correct in the past - last time I looked into was about 5 years ago - and for accumulation only, not DB. I found the information under superannuation portability which is not the same as choice of fund. The super scheme at the time kept denying it but when I sent the reference to the legislation to them, one adviser at the fund finally admitted that it could be done. Now ... whether this clause still exists I have no idea.
This is the version they like to tell you about. It is not necessarily always the whole truth as I found out a while ago. Super fund I was dealing with had similar publications.
Yes we have our own SMSF and when my wife went back and did some part time Nursing in the Victorian public hospitals she was forced to put her super into one of only Industry funds. The Unions have it all tied up under an enterprise bargining agreement. Guess who sits on the super boards and are renumerated hansomely... you guessed the labour nobs. When we enquirred about transferring money into our fund the answer was you have to leave a minumum of $5000 in the hospital fund at all times. Last year her fund earned 0.7% and our SMSF eared 16%. So much for the choice legislation. If your not in an SMSF you control your being ripped off. In The Herald Sun 21/08/2011 an article on super revealed that over the last 5 years with the top Industry funds a term deposit out performed the aforementioned funds. Kind Regards nonrecourse
not trying to hijack the thread and i know it might hav been covered in other threads, but how much would it cost me to change to esuperand 2nd question do i have to pay that or i can charge it to my super fund as an expense so no money leaves my pocket but actually gets deducteed from my super
My wife is a Paramedic with QAS and she is obligated to have her Super with QSuper. No ifs or buts unfortunately.
