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Super Decreasing For Self-Employed - All Wasted Money?

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I'm new

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Replies 3

Hi

 

I'm now self-employed and making an income from investments, and for all intensive purposes permanently retired from the work force. I logged into my old super account today after receiving an email saying my account was too low and the funds would be released, only to discover the amount in there had been steadily declining.

 

SInce it's going down through fees it appears to be a total waste of of money. It can't be accessed early, and instead of 'saving' as it is alleged to be doing, it's just being consumed by fees for nothing. 

 

I don't want to pay anymore money into it, it seems like a waste of time that is more expensive to maintain and I no longer need to save for my retirement.

 

Have I just paid some usless company a few thousand for nothing? I can't access it and the money just keeps going down instead of up. Is there any way to prevent my old super savings from being embezeled in useless fees for a product I no longer need or want, but have to keep even though it is now costing me money instead of saving any?

1 ACCEPTED SOLUTION

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Best answer

Anonymous

Replies 2

Hi @VanishingSuper 

 

Unfortunately, if you have not reached 65 years of age or your preservation age, or you do not meet any other condition of release you have no option but to retain your funds in super, but you may have the option to rollover from your current super fund to another complying super fund, subject to the terms and conditions of your existing fund.

 

The rollover option gives you some alternatives to consideration like:

1/ Another super fund that has zero or close to zero fees, such as an industry fund.

2/ An RSA (Retirement Savings Account).  Most of the institutions that offer these accounts do not charge any fees or low fees but they are usually low yielding.   APRA has a list of institutions that are approved to offer RSA accounts on their website here.  

 

You will of course have to do your own research in order to evaluate if any of the above meets your needs.

 

ATO general super enquiries 13 10 20

 

3 REPLIES 3
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Best answer

Anonymous

Replies 2

Hi @VanishingSuper 

 

Unfortunately, if you have not reached 65 years of age or your preservation age, or you do not meet any other condition of release you have no option but to retain your funds in super, but you may have the option to rollover from your current super fund to another complying super fund, subject to the terms and conditions of your existing fund.

 

The rollover option gives you some alternatives to consideration like:

1/ Another super fund that has zero or close to zero fees, such as an industry fund.

2/ An RSA (Retirement Savings Account).  Most of the institutions that offer these accounts do not charge any fees or low fees but they are usually low yielding.   APRA has a list of institutions that are approved to offer RSA accounts on their website here.  

 

You will of course have to do your own research in order to evaluate if any of the above meets your needs.

 

ATO general super enquiries 13 10 20

 

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Taxicorn

Replies 1

@Anonymous 

 

Don't you mean 60 years not 65 years?

 

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Anonymous

Replies 0

@macfanboy 

 

I have just quoted what is on the ATO website ...