Of Super(annution) Importance

Australian pensions are handled by a system of superannuation.

When i first arrived in Australia, i did what most migrants do and signed up with a default provider offered.

Viewing my account online I came to notice that an Adviser was assigned to it and taking a 5% fee. Not bad for someone i had never met. Having been away and come back to Australia i decided this time to sort it out.

I created a new account with AustralianSuper as there were no fees and i could also invest in ASX200. This is an ability that my original IOOF pension had now removed.

I am in the process transfering my funds over, since i dont want to pay two sets of yearly fees and its then easier to keep track of in one place.

With my new SuperAnnuation in place i can cover my life insurance for less than was previously being taken by an annoymous adviser.

So word of warning, look at your super and make the effort to change, the savings can be significant.