I'm currently at uni and do a few hours a week at one of the large supermarket chains. Recently I contacted the person in charge of the books and asked about changing my super(I have another fund with another job, I want to consolidate them to reduce fees paid). I was told this was not possible as the employer only pays into one fund. I didn't initially take her word for it and thought she was just talking BS to save on paperwork. Upon checking up the ATO website Indeed its correct. What a lot of rubbish. Why should I be forced into a fund simply because there is an enterprise agreement in place? Means I have to accept their investment options, fee structure and T&C with no possible other options. What if I want to invest in PMs? I Can't use a SMSF(wouldn't be worth it just yet but even so its the principle). It's absolutely ridiculous that the my right to choice is forgone simpy because of an enterprise agreement is in place, What difference does it make. /Rage
It's not just you mate. There's plenty of us in the same situation. If you can't change one, what about changing the fund from your other job to the fund specified in the EBA? Also, have you actually checked the EBA to confirm that it does indeed specify a fund into which the employer contributions are to be paid?
There is nothing stopping you transferring out of the fund, I get you will have some fees lost, but as long as you keep a minimum. They all have a figure, then go for it. SMSF away ?
This is what I do. I get paid a higher %rate of super by my employer if it goes into my industry fund, so my hands are a little tied (or at least one hand). However, fees are paid on percentage basis in that fund, so it's no real cost to just roll the money out of this fund every so often and into my SMSF.
yes and by rolling it out and just keeping the minimum you can use them for cheaper life insurance and they make bugger all out of you on fee's because of your low balance:lol: Kind Regards non recourse
Didn't know you could partially withdraw some of your super into a SMSF and keep the industry fund open at the same time. Thanks guys.
No. My employer pays 12% into industry fund, or 9% into any other fund. You can roll over any amount of super you want from one fund to another, so I just keep rolling out of my industry fund into my SMSF and get to keep the benefits of the industry fund (cheap life insurance).
Don't know - I've never worked for the Govt. However, both of my parents are retired on the NSW State Super scheme that most would kill for.
Generally if you work for the gov then none of the other rules apply. ie You have no choice, no options etc
You should still be able to roll out partial funds into a fund of your choice (ie SMSF)? If not, that's a bit rough!
