I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Retirement Savings Account

An RSA (retirement savings account) is an account provided by banks, credit unions, building societies, life insurance companies as well as financial institutions, which are RSA providers. It is similar to a super fund and utilized for retirement savings.

Retirement savings accounts are capital guaranteed, which means the interest and contributions to the account are only reduced by charges and fees. RSAs are also fully portable, which means the account balance can be moved to a super provider or another RSA at your wish.

Approved deposit fund

An ADF (approved deposit fund) is a kind of rollover fund. Approved deposit funds can only accept ETPs (eligible termination payments). If an individual retires early, changes jobs or is retrenched, the ETP may be rolled over to the ADF, where the ETP can remain (drawing tax reductions on investment rates) until that individual reaches 65 years old.

Eligible rollover fund

An ERF (eligible rollover fund) is a fund qualified to acquire benefits automatically moved from other funds, usually for fund members who have extremely low balances, which havenít been active for a significant period or when the fund member canít be found.

Under the laws on superannuation splitting, if a non-member spouse requests the fund trustee to transfer the entitlement or title to another fund, but does not choose which fund, then the fund trustee may move the entitlement to an eligible rollover fund.

At the same time, if the fund trustee chooses to transfer the entitlement of the non-member spouse and the non-member spouse does not respond when the trustee requests where the non-member spouse would want the entitlement to be transferred, the trustee could move it to an eligible rollover fund.

Super annuity

A super annuity is an agreement or contract issued by certain registered organizations such as a life insurance company to fund an income stream, which meets pertinent requirements under the RSA Regulations or the SIS Regulations. These agreements are super-like products, loads having been bought out of rolled over super amounts. An interest stream of a super annuity is yet to start being funded is a deferred annuity.

Scheme-specific valuation factors or methods

For a few super interests, the valuation factors or valuation method prepared in the Family Law Superannuation Regulations may perhaps not be right. Regulation 38 and Regulation 43A of the Family Law Superannuation Regulations state that the Minister could approve alternative factors or methods for certain kinds of super interest. If alternative factors or methods have been sanctioned and applied to the super interest youíd like to value, then the scheme-specific factors or method that have been agreed upon will be the techniques that need to be utilized to value the super interest.

More tips on super retirement can be found at www.australiansuperfinder.com.au

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