I need a super fund, what do i do?

About to go to work in a few weeks. Since I havent really worked much, and never full-time, I think i used to have a super fund with about $50 in it :redface: I assume its eaten by fee's now, but anyway that was an employers fund and I assume I can't still use it since I'm not with them anyway.

What do I do? How do I apply? Do I need an employer or can I just open one up myself? What are these industry super funds? Are they really better than bank funds? And do i HAVE to talk to a financial planner?

TIA :D

Well its really 6 of one, half dozen of the other in regards to industry super or 'private' super. Industry super funds don't charge you fees like a private one does, but the private ones tend to perform better IME because they have to earn a living kwim? You could always wait and see what super fund your new employer is connected to and go with that one or you can just open one on your own. I have one with AMP and it's worked OK for me so far. Also one thing to remember if you do go with an industry super fund that once you stop working in that industry you can't use that fund anymore - you have to either roll it over to your new industry fund or into a 'private' one. Unless the rules about that have changed since I last had to worry about it.

ETA - no, you dont' have to talk to a financial planner. I have one through AMP when I first started my fund there and never ever spoke to him about anything for years, but once I got married and started making some serious financial decisions (managed funds for the kids, life insurance etc) we started to use him a lot and he's great.

Funds like Australian Super are good too, they seem more like and industry fund that a strictly profit making venture.

If you have funds from a previous job they may or may not be frittered away if you know the fund enquire, becuase it will be a lot easier for you to keep track of one fund than lots.

Depending on the employer, you might be able to still be a member of, and contribute to the old fund - I know Telstras super fund is like that, ex employees can even open new accounts even if they dont have an active one, so if you were happy with that fund then it may be worth checking that also.

Your new employer will probably direct you towards QIEC or HESTA. Most Qld child-related super is, unless it's church-affiliated (also a great choice, as they are not for profit)

Use the Super Finder feature on the ATO website to see what you can find - you may wish to keep using that one, which you should be able to do (although some employers make you go through a bit of paperwork to do it)

If you don't nominate one though, your employer will open a default in your name in whatever one they use.

I love superannuation. I spent ages making sure all of my $$ is in one fund as I had several different funds. I am currently with HESTA and am a big supporter of industry funds. I wanted to clarify some of the things previous posters have said as they are not strictly correct.

Your new employer will have a default fund so you don't need to do anything about superannuation until you start work. They will give you the forms and you can take it from there.

That being said, legislation introduced in 2005 gave people choice of superannuation. In most cases, you can choose which fund you want to contribute to. This includes industry funds, irrespective of the industry that you work in. I was with HESTA when I worked in the health sector but have continued to contribute to them in my last few jobs that have not been in the health sector.

Info on choice of superannuation funds is available here

Industry funds rock. Contrarary to what one of the earlier posters said they are always amongst the top performing funds. I have been with private funds that return profits to their shareholders and industry funds that return profits to their members and my customer experience has always been better with an industry fund.

You don't have to talk to a financial planner. Most funds just say that to encourage awareness of what you are signing up for.

You can find out if you have any $$ lying around in old superannuation funds. Once you identify what you have then your new fund will help in collecting all your $$ from other funds. Your new fund will give you info on that. The ATO website SuperSeeker will help you track that old $$ down.

Sorry if I come across as a superannuation nerd!

Cheers,
Fiona