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Superannuation, is your money being wasted?

Discussion in 'The Pub' at netrider.net.au started by goddie, Oct 21, 2011.

  1. Hi folks, I work for an industry superannnutaion fund on a call centre and oh yeah, it is real fun listening to some nuff nuff's, but on a real note, as with alot of people I answer calls to, how many accounts do you have? Well, that you know of!! Have you googled super seeker and done the search to see if you have any lost super?
    Mob I am with are getting flooded by people that want to save money for the following reasons :
    Costs are - $1.50 per week for admin of your accout, 0.05% of your account balance pa into a Member Benefit Scheme [the company does not charge admin fees to people on tough times with accounts under $1000] the scheme covers that cost, if you wanna pull money out $35, if its $1000 or $1000000 same charge!! Finally the last cost is the investment management fees, depending on which option you choose this can be as low as 0.11% for CASH or as high as 0.70 [and no I can remember which fund that is] but the 'standard/defualt' fund is BALANCED and thats 0.59%.
    So there you have it, also to make mention, when you work for an employer, you get Life Insurance, TPD and Income protection, no not for free, premiums comes out of your account, and if you change employers you are covered up to 12 months from the last employer contribution, so yes, if you are overseas on holiday and in between jobs, you are covered!!
    compare apples with apples, check what yours is costing you and see for yourself!! The more accounts you have, the more wasted money on fees..

    thats it, no fan fair!!

    do your research

    and choose what is suitable for your needs

    and ask as many questions as you want when you ring around so you can compare 'apples with apples'

    sorry if I upste anyone
  2. I'm already with Australian Super and I've only got one super account so you can just....

    keep on doing what ya already doing (coz your mob is doing pretty good actually) :)
  3. If you work the super fund mate, you arent allowed to spruik it!! Watch what you say it can come back to you

    p.s. I work in the compliance dept of a super fund1
  4. Self managed for me.

    Made the jump just before GFC1 so lost nothing when everyone else was taking a bath. Does take a bit of effort to administer it though

    Sent from somewhere using Tapatalk
  5. mine has dropped 25% in the last seven years.
  6. halifax, the prices mentioned are factual information!!
    Not spruiking anything or telling people to sign up!!
    Just letting people know what alot of people are finding out the hard way, multiple accounts across various funds means account keeping costs that are costing people money for no reason and therefore super money being wasted in fees, and who benefits there, not the worker but the fund.
  7. Goddie this is pure spam in its form and if you do not edit your post it will be removed with an infraction despite what you claim in your last post.
  8. SMEE, you're welcome to trash the thread, as I said just providing fact stuff thats all, it isnt a business of mine. please close thread if you feel you should
  9. He's offering you a chance to modify your post so you can still bring the matter to people's attention, just without promoting any particular business.
  10. #10 Tone2, Oct 21, 2011
    Last edited by a moderator: Oct 24, 2015
    It's a fair point to tell people multiple accounts cost them money, and how to use the super search databases to track down lost $$. That's being a mate and looking out for us. Giving details is the bit ruffling feathers IMHO - fine to say people should be interested enough to look into it more and see what you get for your money.