Super choice survival guide

How to get the greatest benefit from super choice.
 
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  • Updated:6 Jan 2005
 

01.Introduction

Super-choice

The ability to choose the super fund for your employer’s compulsory 9% Super Guarantee (SG) contributions is known as fund choice. An estimated 5.2 million workers can expect to receive a form, known as the Standard Choice Form (SCF), from their employer before 29 July 2005 informing them that they have this right.

Think long and hard about the consequences of leaving your existing fund, especially if you’re in an industry, company or public sector fund with low fees and attractive insurance benefits. There’s no deadline for exercising your choice so don’t rush.

According to our recent online survey on attitudes to fund choice, 59% of those surveyed were fairly or very satisfied with their current fund, while 10% were dissatisfied. The main reasons for this dissatisfaction were poor returns and high fees.

Give yourself plenty of time to consider your options. Use the introduction of fund choice to review your current super arrangements and give your retirement savings a kick-start. Here are the key questions you need to answer:

  • Are you entitled to fund choice under the new arrangements? More...
  • We think the new choice of fund rules have some serious limitations for consumers. What are the traps you need to avoid? More...
  • What are your options under the new fund choice arrangements and how do you go about exercising them? More...
  • What are your employer's obligations under the new choice of fund rules? More...
  • If you decide to change funds, how do you go about finding a good super fund? More...
  • What do you need to know about super fund performance? More...
  • How do you select the right investment option? More...
  • How do you make sure you don't end up in a fund with high fees? More...
  • How do you choose a good life insurance deal? More...
  • Where can you go for dependable advice on superannuation? More...
  • What does all the jargon mean? More...

Please note: this information was current as of January 2005 but is still a useful guide to today's market.


 
 

 

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