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Superannuation
Superannuation is an important part of everyone’s long-term financial plan.
Choice presents the ideal opportunity for you to reassess your overall financial plan.
With Choice, you can now:
- Consolidate multiple super funds into one chosen fund;
- Identify whether you wish to keep either your employer super fund or personal super fund (if you have both); and
- Exercise greater control over your super – by using the range of investment, insurance and product options available to you.
The introduction of Choice also means greater responsibility for financial advisers and employers to ensure employees are aware of the range of options available to them – and any factors they must be wary of:
- Self Managed Super Funds (SMSFs) – though a favoured way by some to gain greater control over super savings, are generally only suitable for individuals with $200,000+ in super savings;
- Entry and exit fees – by switching funds individuals may be faced with unexpected fees;
- Group insurance rates – by moving from a group to private fund arrangement, individuals may lose out on the same level of cover and/or pay higher insurance premiums; and
- Insurance cover – this may be cancelled or lost when moving out of their existing fund arrangement.
Being smart about super
Savings & wealth creation strategies
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