Way Outs of Superannuation for You…
As well as dealing with wages and work conditions, most Modern Awards specify the superannuation funds to which an employer may make its Superannuation Guarantee Contributions and any additional post-tax employee contributions for an employee, unless an employee chooses another superannuation fund (i.e. the employer’s “default Fund”). In addition to a fund named in a Modern Award, an employer can use any superannuation fund to which the employer was contributing for the benefit of its employees on 12 September 2008 and any successor fund of it (where the former fund was wound up), as its default fund.
This product’s fund is not named in most of the Modern Awards. Accordingly, if an employer is considering using this product’s fund as its default fund (i.e. the fund to which the employer will contribute unless the employee chooses another fund), the employer should first obtain professional advice on the application of any awards or agreements and whether they preclude it from using this product’s fund as its default fund.
If you know you should be thinking about the future, but have not got the extra money, you may need a simple plan. Super easy is a competitive, low cost superannuation product that makes dealing with your super a simple and straight forward process. Offering easy investment choices, low fee option and affordable insurance, it gives you hands on control of your account online.
By taking out personal insurance cover through our super easy account, we will have a tax effective and affordable way of financially protecting our self and our family. The insurance premium is deducted from our super account balance, so it does not affect our take home pay.
Moving your existing super into a super easy account doesn’t have to be difficult and confusing. Simply provide the name of the existing super fund number and rest of the paperwork will be done by them. Once you have signed and returned the papers they will chase up with your old funds for you.
People often change jobs, address, or even forget about previous funds into which they have been paid super. You may not recall where your super has been paid, however, there are special services set up to search through the records of these fund managers to help locate your missing super.
The find my super service provided by AMP is really great service as many times we forget in which branch we have submitted the money or transferred . To find all these missing transactions find my super service is used.
Find my super can do a search for your lost super accounts as part of our complimentary ‘Super Consolidation Service’. Once we have located the accounts we can arrange to have your money transferred into your AMP account.
About author
Harrison Paspalis is an experienced financial advisor who is writing article on superannuation fund and other financial matters. According to him, australian superannuation is a plan and program which should be worth noticing.
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