Superannuation

[SDuke 3]

Hi Guys

Im just curious as to those who are leaving Australia permanently are doing with their superannuation funds? I have been given so much information on this that my head is swimming, and basically just wanting to know what you are all doing about it?

Thanks!!

[Travis and Meghan 24]

well, i've been told that i can't withdraw any of mine, i basically have to leave it sit there and watch it get all taken by fees, lol. But i intend to call them on tuesday to ask them myself, i'll be damned if theyre keeping it all. bastards.

Don't know if it helps you at all but mine's with REST

[SDuke 3]

Mine is with REST too - I dont understand why, if we are leaving the country permanently we can't withdraw our super? It seems ridiculous and completely unfair.

[Travis and Meghan 24]

Don't quote me on this because it's been a while since i read about it, lol. but i think the problem is that even though we're leaving we're still australian citizens. I'm gonna call them on tuesday arvo though (figure they won't be open on the public holiday) so i'll post back here with what they tell me.

[VanessaTony 3,567]

I've looked into this extensively as, like you, I think it's pointless as well (I'm with REST as well).

If you have a look at your statement it will list:

1. Preserved (amount available when you retire or reach preservation age)

2. Restricted non-preserved (amount available when you leave your current employer)

3. Unrestricted non-preserved (amount currently available to you as cash)

Lets say I have $10K, the cash amount (3) is only going to be a relatively small amount (say $500), and it won't "refill" once you take it out (which I what I was hoping so I could withdraw it that way).

I've asked about rolling it to an American 401K or pension but that's not possible either.

I've looked into transferring it to another person's Super and having them pay me the amount they transferred (mum offered this option). I'm still toying with this idea but I would need to call and ask about that. If I sign the paperwork and complete MY information to transfer to HER account is that permissable? Or does it have to be from my account to my account?.. these are questions I'll have to ask.

The other options are listed here: http://www.rest.com.au/Document-Library/Factsheets/739-3-Accessing-your-super-early-0311

On the upside, according to my June 2010 to June 2011 statement they took maybe $300 in fees, but I was paid out at least twice that in interest etc.. so it's still climbing. The reason for the fees is because I decided if I was going to be "stuck" not able to access it, it's going to be my life insurance. So I took away the "total and permanent disablement" insurance (because that's only if you're hurt at work and seeing I work overseas I doubt it'll count.. plus I'm only 28 and have health insurance here) and also the income protection cover (also the whole overseas income thing... I'm not SURE about these but I wasn't interested in the high fees) and left ONLY life insurance. I pay $1.20 a week for $182,000 life insurance... you can lower it (and it decreases in cover amount with age) but like I said, the fees do not exceed the interest I gain so it works well. I feel like now my super isn't "useless" and I don't have to think about it. I still need to put it in my married name, but I just changed it to Tony a the beneficiary (I access it online) and it's good I did now (rather than closer to ROC) #1 because I should have done it earlier (it had only said my Estate) and #2 because it adds the "effective as of.." date and it wouldn't look good if that date was close to ROC time.

REST will open in a couple of hours so I'll call them and ask about rolling my super into my mother's account but worst case scenario (where they say no) I still have life insurance, and that's not horrible

.

[noremac 3]

Very interested into the outcome of all of this.

[Travis and Meghan 24]

ok, so you can claim your super A) when you turn 60 or B) If/when you renounce your aussie citizenship and become a US citizen. When you qualify to claim it you apply for it through the ATO. She put me through to some other guy to to discuss different investment options, he's sending me an email, didn't really understand most of what he was on about but maybe a good idea if you're into all that sort of stuff, lol

I think i'm just gonna do what you're doing Vanessa, Travis is already the beneficiary on mine so i jsut gotta change the insurance bits

[VanessaTony 3,567]

ok, so you can claim your super A) when you turn 60 or B) If/when you renounce your aussie citizenship and become a US citizen. When you qualify to claim it you apply for it through the ATO. She put me through to some other guy to to discuss different investment options, he's sending me an email, didn't really understand most of what he was on about but maybe a good idea if you're into all that sort of stuff, lol

I think i'm just gonna do what you're doing Vanessa, Travis is already the beneficiary on mine so i jsut gotta change the insurance bits

You don't have to renounce your Aussie to become a US citizen (maybe you knew, just saying) but yeah.. basically we're screwed :S It DOES make me feel better to know it's at least going somewhere. Occasionally I'll be more pissed than "feeling better" but hey, I'm still young, I'll just rebuild and in the meantime I have life insurance that will more than pay my bills and pay off the house

[Travis and Meghan 24]

Yeah, i knew that but i think (frowm what i understood, lol)in order to withrdraw your super you actually have to no longer be an Australian citizen, that's how i understood it, lol

[mrrb30 0]

I've been asking a few colleagues I used to work with (I'm an accountant but don't specialize in Tax/Super) about this issue. I'm yet to get a clear answer!

I'll also going to try calling my fund (AustralianSuper) when the time comes but after dealing with them to consolidate all my accounts, I know how difficult they can be. So from the US, it's going to be interesting.

Looking forward to hear about any outcomes and I'll be sure to share any info I find out.

[Travis and Meghan 24]

Mine was surprisingly easy to sort out, i jsut called them, they said i can't withdraw it so i'm doing what Vanessa's doing and using it as my life insurance

[Lexy 2]

You can only take your Supperannuation out earlier than what the legislation allows if you can prove hardship and extenuating circumstances. If it is your own contribution, you may take you your super money out any time and pay about half of it in tax at end of the financial year.

[Amanda and Josh 12]

I too had thought about this issue and I called my super ages ago. I am with QSuper (QLD Govt) and they said the legislation changed LAST year that you can't withdraw it if your leaving the country. What really sucks is that I am required by law to make voluntary (how the hell they justify calling that voluntary I will never know) contributions every week and I salary sacrifice into my super but I can't even get that out! :-( very grumpy about it

[Travis and Meghan 24]

would you be able to move it into a different super fund? i don't have to put anything at all into mine unless i choose too

[Amanda and Josh 12]

No unfortunately we all have to use the same one :-(