You should consider the fees, past performance and the investment strategy when choosing a super fund. The best way to choose a new super fund for australians. Use this form to choose sunsuper for your super payments when you start a new job. Employers you must complete this form if you are an employer and. If you dont or cant choose your own super fund, your employer will put your super into a default super account in their fund. Superannuation builds up throughout your employees working lives, so choosing the right default fund for your business is important for everyone. Superannuation fund fund name and australian business number abn retail employees superannuation trust rest 62 653 671 394 registered address. An alarmingly high number of people are apathetic about switching super funds but an. Your employer will likely provide you with a superannuation standard choice form when you commence your. For this reason, its vital that you take an active role in how your super is invested. Its important you take some time to understand what you should be looking at to find the right super fund for you. However, picking a superannuation fund can be a bit daunting.
How to choose the right superannuation fund westpac. We focus on what we regard as the three most important factors below. Most people can choose the super fund they want their employer contributions paid into, as long as its a complying fund. If you are an employee and you are eligible to choose. Most employees have the right to choose which superannuation fund their superannuation guarantee contributions are paid into. If you are eligible to choose your own super fund, download this form and type in your details below. Firstly, choose an apra fund or retirement savings account rsa. Well, today im going to tell you about a super fund that has zero fees. Choosing which fund to keep if you know where your super accounts are, compare the fees, benefits and performance of each fund you have an account with to decide which one is best for you. You can choose from three different investment options, each with a different handson level.
From the getgo of my career, ive advocated that people should invest in lowcost index funds for their super. Choice of superannuation fund standard choice form information. When you choose a super fund, it pays to look at the size of your fund, the importance of net benefit and the value of long term returns. Lgiasuper has been a complying resident regulated superannuation fund since 1 july 1995 within the meaning of the superannuation industry supervision act 1993. A guide for members to the new choice of superannuation. Choosing the best default super for your employees. If you do not nominate your preferred fund to your employer they will place your superannuation guarantee payments, currently 9. Choosing the right investment option australiansuper. Choosing a super fund assuming that you have complete freedom to choose your superannuation fund, and are not limited by contract or industrial agreement to utilising an employer fund, then there are a number of considerations you need to bear in mind when choosing a fund.
Superannuation fund meaning in simple terms is a kind of retirement benefit that is offered to you by your employer. If youve always elected to go with an employers default fund, now is a good time to actually sit down and find out what each fund is about. Employer guide choose the right super fund and youll only have to. Dear employer i wish to nominate rest as my chosen superannuation fund and request that all my future super contributions be paid to. There is a wide variety of super funds available in the market, and choosing your fund is an important decision.
How to choose a super fund eclipse financial services. Its important to compare your super fund options in relation to your individual financial circumstances and goals. Forms and superannuation fact sheets to help you manage your super and retirement income. Your employee is eligible for choice of fund, and your employee has not nominated another choice of fund in the past 12 months. Over 14 million australians have a super fund account as of december 2014, according to the australian taxation office ato. To learn more about how we can help you create a better financial future, visit qsuper.
Making the right decision can have a significant impact on your future. Care super pty ltd trustee abn 91 006 670 060 afsl 235226. If you would like to choose an alternative superannuation fund complete and. Best super funds choosing a super fund how to join. Au at caresuper, weve been working with businesses for over 30 years.
Superannuation defined benefit pssdb will automatically join the default superannuation fund, the public sector superannuation accumulation plan pssap to join the pssap complete and return the choosing a superannuation fund standard choice form ad557. Other key features are relevant when choosing a super fund, including performance. Choose your own super fund you can choose the super fund you want your employer. For more information about choosing a super fund, you should. Choosing the right investment can impact how much your savings grow and how long they last. A complying fund is an australian super fund that receives concessional tax treatment because its regulated under the relevant super legislation and hasnt been issued with a notice of noncompliance.
Choosing a super fund choosing a superannuation fund. Employee to complete if you choose your own super fund you will need to obtain current information from your fund to complete items 3 or 4. Letter of compliance ask an employer to pay super into your australiansuper account pdf, 94kb. As an employer, you must nominate a super fund for those employees who cant or dont choose their own fund into which youll pay their future super. As an employer, you must nominate a super fund for those employees who cant or dont choose their. You can choose the superannuation fund or retirement savings account referred to below as superannuation funds to which your employer will make future. To help make the most of your retirement consider the benefit of being with a large, memberfirst fund, as well as.
Choice of superannuation fund choice nomination pdf 94kb includes letter of confirmation of complying fund status. With qsuper, you can feel confident in your financial future. If you dont consider insurance arrangements within the super environment, youre missing out it is also fair to say that the cost of this insurance should. Our commitment to you we are committed to providing you with guidance you can rely on, so we make every effort to ensure that our publications are correct. Before making your choice, you need to know how much direct control you want over your investments or how handson you want to be. Sass is governed by the state authorities superannuation act 1987, the state authorities noncontributory superannuation act 1987 and the. Choosing the right super fund is a big decision, and fees and performance are two important factors to consider. Yet, according to research by super ratings april 2015, around 60% of australians have their super in a default option where the underlying investments may not be in line with personal goals.
Choosing the right super fund is a big decision, and fees and performance are two important factors. Choose the right super fund and youll only have to do it once april 2019. Explore what factors affect super decisions and calculate how much money you might need to. Key factors to consider when choosing a super fund include its performance history and the fees it charges its members. It does not need to be sent to the ato, caresuper or your default super fund. Choosing a super fund how to complete your standard choice form nat 80. Not only are there a plethora of options to choose from. Superannuation is a structure set up for the purpose of helping australians save for their retirement. The investment options you choose for your super could have a big impact on your retirement savings. Choosing a super fund comparing funds mortgage choice.
Being a longterm investment, performance is one of the very important factors that you need to consider when choosing a super fund. Today, most companies offer a superannuation scheme, but many of might have less knowledge about superannuation act in india. You do not need to return this form to your employer if you want to continue to stay with their default fund. Who will choice of superannuation fund legislation apply to. Choosing the right super fund today can make all the difference in retirement. Choosing an investment strategy the state super schemes are administered by mercer administration services australia pty ltd on behalf of the trustee, sas trustee corporation stc. How to complete this form employees if you are an employee and you are eligible to choose a super fund, your employer must give you this form to complete after. Choosing a superannuation fund is a right that employees in most industries and businesses are entitled to. How to choose a super fund the sydney morning herald. It will help you keep track of your super and it might be an appropriate way to fund a low cost life insurance strategy that has been tailored to meet your needs.
Choosing australian ethical is a great way to demonstrate your commitment to society and environmental issues. This means, you can choose it as the fund your employees super goes into, if they dont make a different choice. How to choose a super fund unsure which super fund to choose. Secondly choose a selfmanaged super fund or thirdly, choose the fund nominated by your employer. As a profitformembers super fund, our members benefit from one of the lowest administration fees in the country,1 so more of your money can go towards your retirement. The ability to choose a superannuation fund will commence on 1 july 2005. Choosing the right super fund super is one of the most taxeffective ways to save for your retirement. The decisions you make now about your super fund will affect the amount you have in retirement in other words. Industry super australia chief explains the best way to choose a new super fund. Choosing your default fund choosing a default super fund for you and your employees.
However, there are many different options of super funds available in todays increasingly complex market and not all super funds are the same. Employer guide choose the right super fund and youll only. Choosing a super fund how to complete your standard choice form many employees can choose which super fund their employer superannuation contributions are paid into. What is superannuation fund benefit in india and how to. They have the right to choose which super fund or retirement savings account will receive their superannuation guarantee sg contributions.
Choosing the right super fund consultum financial advisers. Choosing a superannuation fund your choice of superannuation fund can make a big difference to your super balance at retirement. Small differences in performance can make a big difference to your retirement nest egg. Once youve accepted your employees choice, record the date of your acceptance on this form and keep it for your records. Default super fund superannuation virgin money super. Read the choosing your style of super fact sheet pdf, 148kb read the welcome to unisuper flyer pdf, 2mb and the pds. Anz smart choice super is a suite of products consisting of anz smart choice super and pension pdf 1kb, anz smart choice super for employers and their employees pdf 122kb. Choosing a super fund how to complete your standard choice form. The vast majority of workers have the freedom to choose their own super fund, and its definitely something worth doing.
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