Seel redundancy, use long service and quit or have a baby and quit, take a year off work, shift super to your SMSF and move on to a similar position. It might seem like a massive risk, but 16% compared to <1% would be incentive enough to me. We only work so that we don't have to work...
It used to be that the unfunded component of your Super you could not roll out of the fund until you resigned or retired but you want to do your numbers very carefully because those "black hole" super schemes are usually pretty lucrative. The non-black hole part of your Super is a different story though (at least in Victoria). Usually this part can be rolled out into a SMSF and and further contributions made as you keep working can also be put into a SMSF but please please PLEASE do the numbers because keeping in a defined benefit scheme is usually pretty darn good because years of service = more money, regardless of market returns.
From someone who has had an SMSF since the early 1990's I would agree totally with what you have pointed out about a defined benefit scheme. Unfortunately in the late 1980's most government and private employers started pushing people into accumulation funds under the false pretense that it was a better scheme......It was a better scheme for the employers because they were no longer exposed the the vagaries of a falling stock market the employees took that on when they switched out of the defined benifit and into the "better accumulation fund"
Any resolution on this front Thatguy? My wife is in QSuper, accumulation (can you accumulate negatively?) and I have an eSuperfund and would like to get my hands on her cash. I have been Googling "qsuper smsf" and every hit is a horror story written by QSuper, some excerpts... ...However managing a SMSF can be a doubled-edged sword,.. ...it's easy to underestimate the hard work involved. For example, you will be responsible for asset allocation, record keeping, brokerage, auditing, preparation of accounts and reports, investment management ... ...unless you are an auditor, investment professional and a regulatory expert all rolled into one, you will need to consult regularly with professionals who specialise in SMSFs to make sure you are meeting your obligations...Of course professionals don't come cheap... ...the average SMSF spends $6,500 per annum on operating costs... ...In the 2009/2010 financial year, 185 SMSFs were made non-compliant due to serious breaches of superannuation law... Added to this they have started warning us in the advertising rubbish they send us http://qsuper.qld.gov.au/document/newsletters/superscoop-2012feb-50.pdf A full 2 pages (out of 8) warning of the horrors to be suffered along with the trials of going it alone. Throw in a few seminars they are advertising but not actually running http://qsuper.qld.gov.au/members/super/seminars/seminar.aspx?s=76 on the subject and it looks like QSuper are genuinely concerned that they are going to loose people to the SMSF. Whether they are worried that people who have stopped working for the government might switch their super or whether they are worried that current employees will switch I don't know, nowhere do I see any information from QSuper saying you can switch, just the horror stories of what will happen to you if you do consider it. They didn't seem to care when I shut them down after leaving the Governement. It just seems odd that they would put so much effort into scaring you away from SMSF if you are not entitled to it anyway.
You most certainly can roll over funds from PSSap to a SMSF without leaving the public service. If you are in the PSS or CSS rather than the PSSap (Accumulation Plan) you are out of luck.
Another good reason to get out of QSuper; Another Public Private Partnership is destined to fold, this time it's Brisbane's Airport Link Tunnel, which former Premier Anna Bligh forced QSuper to invest in... (amongst others). The Liberty Way tunnel hasn't even been finished yet and so far we're looking at 2 for 2 Brisbane Toll Tunnels going bust. http://www.couriermail.com.au/busin...nections-backers/story-fnbdkrr9-1226514654552
Hey all, I know this post is old, but I am just letting you all know that QSuper has portability now. This lets you rollover all of your super once a year except for $2,000. To find the form, Google: Qsuper Transfer to Another Super Fund Form filetypedf
I should have done an update myself but I forgot about this thread. My wife just transfered her QSuper balance to my (our) SMSF. She still gets employer contributions into her QSuper and her voluntary contributions go into that as well (still working on that bit but at least the insurances are all being dealt with) Now sadly my puny amount that was being spent on precious metals is is overshadowed by her contributions so it looks like my days of going online and adding a nother kilo of silver are long gone.
