Esuper Turnaround Timeframe - Help?

Discussion in 'Superannuation' started by RhythmDoctor, Dec 10, 2012.

  1. RhythmDoctor

    RhythmDoctor Active Member

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    Hi guys,

    Recently put through my Esuper documentation (the pack including the trust deed). I'm noticing the fairly tasty gold price at the moment and am eager to buy in, however I'm just wondering how long this will be til I receive the rollover/ ABN documentation.

    What timeframe did other Esuper clients have when rolling over/applying?

    Apologies if this sounds 'edgy', more than anything I'm just keen to get my hands on more metals at a fairly tasty price! :D

    Cheers,

    RD
     
  2. RhythmDoctor

    RhythmDoctor Active Member

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    I've just seen 3 weeks as the guide time for turnaround here on the site, but is this the case?

    They were extremely quick with my paperwork from the online application!
     
  3. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    They are not quick!

    I missed the last dip waiting for my paperwork but dips are like buses.

    Mine was rolled within a month.
     
  4. Yippe-Ki-Ya

    Yippe-Ki-Ya New Member

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    You may find that the real time waster is your current super company who will use whatever timewasting techniques they can in order to hold onto your money as long as they possibly can...

    Just make sure when applying to them to "rollover" your funds into your new SMSF that you have one contact person who you deal with and get them to categorically list everything which you need to send them in order to ensure a quick as possible funds rollover.

    Otherwise they love to use BS little tactics to draw out the time, and when you follow up on why the funds haven't been transferred yet they'll tell you "oh but you didn't dot this i or you didn't cross this t ..."

    Get them to spell out all the "i's" "t's" beforehand (per email) so that they take responsibility if something is left out.
    Then keep up the pressure on them by enquiring often until they've rolled over your money.

    Cos remember - IT IS YOUR MONEY!

    even though gubmnt is trying to make it theirs... :lol:
     
  5. RhythmDoctor

    RhythmDoctor Active Member

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    Funny you say that Yip - I just made contact with Spectrum this morning to let them know I was rolling over into a SMSF, they went head over heels trying to keep me as a customer - even offered me a prepaid visa card with several hundred on it.

    I simply stated 'no thanks, I prefer real money. Can you give me some gold instead? When they said no, I explained that was why I was flipping out into a SMSF. They told me they'd had a number of clients who were leaving for SMSF's... and asked whether it would be worth it for them personally... I laughed and told them to do their own due diligence! :D

    First time I've hit a financial institution with that saying! :D
     
  6. Fykus

    Fykus Member Silver Stacker

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    yeah itll take a few weeks. i guess it depends on how much money there is in your super at the time. also youll be getting mail every now and then with all the bank accounts that esuper have opened for you and some documentation to keep and all that jazz. i think mine took about a month or so but ive got a horrible memory.
     
  7. rbaggio

    rbaggio Active Member Silver Stacker

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    1 month.
     
  8. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    ^^^ Same for me. 1 month.
     
  9. Emanance

    Emanance New Member

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    Seriously ride them RD. Send everything Overnight Express post. Log on and track that they have it. when they have it call them and INSIST in the sincerest possible terms they take a walk down to the mail sorting room and process your request immediately. Just bear in mind you can look up at anytime if your fund has been established with the ABR with an ABN by entering you funds name here: http://superfundlookup.gov.au/ and cross referencing your post code against your fund's name.

    NOW here is the catch. if your new SMSF address is not YOUR address your old fund wont send the money!
    Usually with eSuperfund they will list the SMSF address as...

    <INSERT FUND NAME> Superfund
    C/-ESUPERFUND PTY LTD
    PO BOX 401
    NORTH MELBOURNE VIC 3051
    AUSTRALIA

    And you thinking like a rational human being probably put down your actual address on your rollover forms, so this will not match up and thus result in your old fund notifying you through the normal channels of SNAIL MAIL to inform you of this. This can take 2 or more weeks!

    Thus I reiterate you need to ride these fuckers. they don't like losing control of your money. And they don't like you setting up your own SMSF. They want to make this process as slow as possible.

    I had to get myself an AUSKEY to check the address of my fund and determine both my wife and I where listed as the trustees in order to pre empt the delay (saved myself at least a fortnight and landed the funds just before the August 2012 dip). Then all it took was a call to my old fund to give a 'verbal' all clear to send the roll over cheques to eSuperfunds address despite the address discrepancy. eSuperfund processed the cheques the afternoon of the day they got them (so they told me.) Then I went shopping :).
     
  10. AngloSaxon

    AngloSaxon Active Member

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    I recall, don't quote me on this without doing some research, that Super funds must act within 28 days of your rollover request, and the Financial Services Ombudsman can take action against a fund if they lag beyond that time. I imagine this is the limit when they have all the information they need. For my industry fund this included communication between the payroll department woman who does everyone's super, and the old fund to say 'Last employer contribution has been sent in (month)". They wouldn't release funds until they had that 8 word email!

    My wife has a pittance in an industry fund from a job she had over 15 years ago and didn't previously consolidate, we are still doing the to- and fro- with the fund to release the pittance. They are dragging their feet because her name is no longer her Maiden name. They tried to claim the state government Births Deaths and Marriages certificate wasn't good enough!

    And back to the 28 day period, don't be too hasty. I read on another forum that that period gives the fund a little time to organise their finances to avoid liquidating assets that may generate capital gains tax vesting that will negatively impact your rollover. Personally I'd only imagine that would be a problem if your fund held your money in a parcel of many hundreds of thousands of $.
     
  11. Emanance

    Emanance New Member

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    RD, I hope your rollover cheques in the mail and just around the corner with gold & silver at bargain basement prices at the moment. :)
     
  12. RhythmDoctor

    RhythmDoctor Active Member

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    Your telling me!!!! I've already bought for my private stack recently, but I still want some gold in larger quantities, this is the PERFECT time...
     
  13. Emanance

    Emanance New Member

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    Fingers crossed you got to BTFD. :lol:
     
  14. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Your slow fund has just saved you a fortune, imagine if you bought gold when you first posted.
     
  15. RhythmDoctor

    RhythmDoctor Active Member

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    Your not wrong there lizzy, I doubt I'd have jumped straight in though... but you never know - stranger things have happened... :D
     
  16. RhythmDoctor

    RhythmDoctor Active Member

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    BOOYA!!!! just received my final establishment package... on the phone to my 2 previous funds today... Want $'s in the bank ASAP with the way prices are falling :D
     
  17. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Don't forget that it takes time to set up our new SMSF accounts with the bullion dealers, if you are going to buy over $5000 at a time you are going to need to jump through a few hoops first.
     
  18. RhythmDoctor

    RhythmDoctor Active Member

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    Very true, but the sooner I can get it sorted the better! :D
     
  19. Willow

    Willow New Member

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    If you have your smsf abn or acn you can get set up with your dealer now before waiting for dollars.
     
  20. RhythmDoctor

    RhythmDoctor Active Member

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    Thanks for the advice Willow - I'll do that straight away.

    I've just been in to one of my funds' offices and put my request through in person, funny how they fall over themselves to help you in person when they're shits on the phone.

    Posted off my request and ID to spectrum, along with a letter requesting confirmation upon receipt. That's where the majority of my funds are tied so I'm praying for a quick resolution!
     

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