Putting your Super into a low risk option

[matty77]

So I have Super with AMP, current investment is what ever the default one was, to be honest never taken much notice as I still have a long working life ahead of me and prefer to put my extra cash into other investments but the market dropping at the moment got me thinking maybe its time to move my super into a lower risk option for at least the next 6-12 months.

So my question is are other people doing this, are you protecting your Super or just going with the flow on whatever investment option its currently in?

On a side note, I have found it extremely difficult to navigate information on the AMP website to find which fund option would suit my current requirements, makes you wonder sometimes how these companies do any business...

 

[PZ99]

My super was 100% cash until today. Now it's 30% OZ shares / 70% cash.

Eventually it'll be 100% shares if the dip can be picked

 

[basilio]

So I have Super with AMP, current investment is what ever the default one was, to be honest never taken much notice as I still have a long working life ahead of me and prefer to put my extra cash into other investments but the market dropping at the moment got me thinking maybe its time to move my super into a lower risk option for at least the next 6-12 months.

So my question is are other people doing this, are you protecting your Super or just going with the flow on whatever investment option its currently in?

On a side note, I have found it extremely difficult to navigate information on the AMP website to find which fund option would suit my current requirements, makes you wonder sometimes how these companies do any business...

Wow!! Just wondering why you have your super in AMP? From what I know they do not have good returns and have some the higher admin costs in the business.
The difficulty of understanding your options from their site might also ring some warning bells.

This easy to use website might be of value in comparing your current super plan vs others in the game.
https://www.industrysuper.com/compare/compare-funds/

 

[matty77]

Changed jobs not too long ago and this is what they recommended so I swapped as it was easier at the time, like previously stated I do not consider my Super as any sort of retirement fund I invest outside of that. Either way you are probably correct and I should look at alternatives when I get the time.

 

[qldfrog]

My super was 100% cash until today. Now it's 30% OZ shares / 70% cash.

Eventually it'll be 100% shares if the dip can be picked

I moved 100pc capital garantee in January, i should not forget indeed to slowly move back
great hint

 

[tinhat]

I moved 100pc capital garantee in January, i should not forget indeed to slowly move back
great hint

I watched a gecko today.

 

[basilio]

Changed jobs not too long ago and this is what they recommended so I swapped as it was easier at the time, like previously stated I do not consider my Super as any sort of retirement fund I invest outside of that. Either way you are probably correct and I should look at alternatives when I get the time.

Indeed it was. But that was not for your benefit Matty.
Long story short I seriously suggest you reevaluate your super fund quickly. It is getting 10% of your salary at the moment and my guess is it is costing you a fair swag in terms of admin fees and they havn't been good investors.

AMP is a retail for profit fund. The costs are higher. They exist to make a profit for the sales team and big company owners. The customers come a distant second.
Industry funds offer much more profitable alternative for the customers.
Cheers

 

[qldfrog]

Indeed it was. But that was not for your benefit Matty.
Long story short I seriously suggest you reevaluate your super fund quickly. It is getting 10% of your salary at the moment and my guess is it is costing you a fair swag in terms of admin fees and they havn't been good investors.

AMP is a retail for profit fund. The costs are higher. They exist to make a profit for the sales team and big company owners. The customers come a distant second.
Industry funds offer much more profitable alternative for the customers.
Cheers

If i may, about:
Industry funds:
They exist to make a profit for the sales team and retired union leaders....

I would recommend funds like sunsuper etc which do not openly behave as gravy train for any retired politician or union ringleader

 

[basilio]

If i may, about:
Industry funds:
They exist to make a profit for the sales team and retired union leaders....

I would recommend funds like sunsuper etc which do not openly behave as gravy train for any retired politician or union ringleader

Sunsuper may indeed be a good option.
I strongly disagree with your disparagement of Industry funds. On a purely factual level level the costs retained by Retail for profit super funds have been much higher than comparable Industry funds. There is also plenty of evidence that industry funds obtain a higher return with smarter investment decisions.

Anyway AMP has had one of the poorer outcomes in terms of costs and returns. The way they gouged customers was exposed in the Roytal commission into banking in 2018

https://www.visionsuper.com.au/abou...industry-vs-retail-how-to-choose-a-super-fund
https://www.canstar.com.au/superannuation/industry-vs-retail/

https://www.abc.net.au/news/2018-08-16/amp-to-pay-back-customers27-fees/10129660
https://www.choice.com.au/shonky-awards/hall-of-shame/shonkys-2019/amp-superannuation

 

[qldfrog]

Sunsuper may indeed be a good option.
I strongly disagree with your disparagement of Industry funds. On a purely factual level level the costs retained by Retail for profit super funds have been much higher than comparable Industry funds. There is also plenty of evidence that industry funds obtain a higher return with smarter investment decisions.

Anyway AMP has had one of the poorer outcomes in terms of costs and returns. The way they gouged customers was exposed in the Roytal commission into banking in 2018

https://www.visionsuper.com.au/abou...industry-vs-retail-how-to-choose-a-super-fund
https://www.canstar.com.au/superannuation/industry-vs-retail/

https://www.abc.net.au/news/2018-08-16/amp-to-pay-back-customers27-fees/10129660
https://www.choice.com.au/shonky-awards/hall-of-shame/shonkys-2019/amp-superannuation

Industry funds are just lesser evils imho than AMP and Cie, but unless you are happy funding various union, i would not touch them.
I prefer good to less worse...

 

[qldfrog]

Back to the subject..yes get out of AMP ASAP, but maybe a bit late to switch funds into conservative cash option.
Supers often have a full day delay with order execution, you risk getting out of shares at the worst time.mid next week or so...maybe a gradual split?mote than all out?

 

[IFocus]

Matty get the fu** out of AMP, fees are through the roof plus poor returns and yes Industry funds are the go because of low fees and higher returns just note they are not all the same so have a good look around remember fees and returns.

One thing many people miss also is the rotten super funds also put you into funds that also charge high fees the fees are only found in the prospectus.

 

[againsthegrain]

I can't even log into colonial first the site goes blank... from memory im about 60% aggressive on the portfolio good time to increase it to 100%

still got 30-40 years to retire depending what age they make it then

 

[matty77]

Good advice all, I've got annual leave in a few weeks so will do some research then.

I have now switched to 90% cash, 10% mixed. Will re-evaluate again in few weeks also.

 

[The Triangle]

My BT super is getting sold/merged into mercer super, so thought I would finally take this opportunity to get rid of BT super before it merges and consolidate everything into my other super account. For now I wanted to shift all my BT to cash, then transfer it out as I'm not confident in the markets short-term.

Either I'm missing something, or BT is seriously trying to rip people off? Anyone else have cash held in their super account and know what level of return it's making? I actually find this pretty difficult information to get for multiple superannuation companies - I would have thought it would just be slightly below the current cash rate from the RBA?

Changes to interest rates on transaction accounts | BT Professional

Interest rates on BT Platform transaction accounts will be reducing effective 7 April in response to recent RBA’s decision to decrease the Official Cash Rate. For Open badges there will also be a temporary change to the calculation of administration fees.

www.bt.com.au

 

[divs4ever]

My BT super is getting sold/merged into mercer super, so thought I would finally take this opportunity to get rid of BT super before it merges and consolidate everything into my other super account. For now I wanted to shift all my BT to cash, then transfer it out as I'm not confident in the markets short-term.

Either I'm missing something, or BT is seriously trying to rip people off? Anyone else have cash held in their super account and know what level of return it's making? I actually find this pretty difficult information to get for multiple superannuation companies - I would have thought it would just be slightly below the current cash rate from the RBA?

View attachment 153991

Changes to interest rates on transaction accounts | BT Professional

Interest rates on BT Platform transaction accounts will be reducing effective 7 April in response to recent RBA’s decision to decrease the Official Cash Rate. For Open badges there will also be a temporary change to the calculation of administration fees.

www.bt.com.au

possibly the same thing as me

given the ( near ) uniformity of the rates , i was wondering if 2.60% ( ish ) is the fees rather than the returns

i would have thought the returns would have varied more between the various options

BTW who actually manages these funds now

PS - i hold PPT courtesy of the PDL take-over

i bought into BTT circa 2011 which turned into PDL ( which was taken over by PPT ) - but during the PDL restructure WBC took some funds back into their own control

 

[farmerge]

I can't even log into colonial first the site goes blank... from memory im about 60% aggressive on the portfolio good time to increase it to 100%

still got 30-40 years to retire depending what age they make it then

The way things are travelling at present, perhaps retirement might not be an option in years to come. Keep working till yar drop !!!!!

 

[divs4ever]

The way things are travelling at present, perhaps retirement might not be an option in years to come. Keep working till yar drop !!!!!

i have heard that theory coming from those with contacts inside of Federal Government ( but of course that won't apply to the government employees )

 

[farmerge]

i have heard that theory coming from those with contacts inside of Federal Government ( but of course that won't apply to the government employees )

Wasn't it John Howard (Lazarus reincarnated) who decreed some years ago that the working age should be extended to at 70 years of age.
I might add that at 73 years young I am still doing 6 days a week and not sitting in air conditioned comfort .

 

[divs4ever]

well i am not 70 yet , but late 2016 the government decided to test if i should get sickness benefits , instead they gave me a disability pension and back-paid me 6 months ( to the day i first applied )