Best way to preserve a "frozen" SMSF super??

Discussion in 'Superannuation' started by lurk@l0t, Jun 17, 2017.

  1. lurk@l0t

    lurk@l0t Active Member

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    I have been managing my SMSF investment choices for the past 7 years or so via my SMSF which has had its books and accounts managed by ESuper... and i am very happy with their service up to now.

    However my personal circumstances started changing 2 years ago when i started working for myself and ever since i have not been making further contributions to my SMSF.
    So basically I have no more transactions going through my SMSF ... all the SMSF assets have already been converted back to cash and this cash is sitting in the bank account of the SMSF.

    And i intend to keep it this way... so it does not pay me to keep the fund under ESuper any longer as that would just mean a $800 a year drain of capital to pay their annual fee, plus whatever the ATO charges me as its "oversight fee" per year - that's approximately another $300 per year i believe.
    So with the annual ESuper fee that means that approximately $1100 per year will be drained from my SMSF account - which is way more than the interest the account attracts. so basically my SMSF will be consumed by fees if i leave it the way it is... a SMSF administered by ESuper.

    So my question here to all of you is ...
    1. Have any of you been in a similar situation and if so - what did u do about it?
    2. Anybody have any advice on how/where to move/rollover my SMSF to??

    I got a headsup from ESuper that if i don't rollover the fund to a new fund by end of June that i will need to pay for yet another year's fees etc.. so i guess its easy money for them since i've left it a bit late!

    I have an idea that there are options available for me whereby i can rollover my SMSF to another super which does not have any annual fees... or at least the fees are very low by comparison.
    Of course the catch is that i will have very little (if any) control over the funds once it's in their possession and i may or may not see a cent of that money when i'm on pension - depending on the political whims of the government in charge at the time, and how far left they're leaning by then! lol

    If anybody knows more about this subject or can give me any pointers as to which structures and/or who i can turn to in order to rollover my SMSF then please let me know here, or PM me instead.
     
  2. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    lurk@l0t likes this.
  3. lurk@l0t

    lurk@l0t Active Member

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    aaah - okay - that sounds like an idea. I will have a look now. thanks for the link!
     

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