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

Self-Managed Superannuation Funds (SMSF)

They all link this growth to the increased need for better control and levels of financial knowledge. One association believed that a lot had gone into self-managed super funds because of the economic meltdown and thought that they can do better. This is however not a consistent belief, and another association believes that that SMSFs had been trending in spite of the economic downturn. They think that many people with SMSFs thought they could manage the fund better if they do it themselves. Others are concerned that people may be forced into having SMSF without the needed financial literacy and sufficient funds.

SMSF are a Means of Promoting Competitive Incentives

Usually, SMSFs compete with professional funds and to give competitive incentives towards professional funds and improve their performance, including the reporting and documentation of such performance. This is considered to have a positive effect on superannuation system performance. The increasing occurrence of SMSFs is also seen as a means of increasing investment diversity inside superannuation with properties and business being brought inside super investments.

Super fund associations think that there must be a minimum amount of capital set to begin an SMSF from the range of $250,000-$300,000. There's a need for more education among the trustees with associations giving examples of penalized trustees for mistakes done due to ignorance of the rules. Super fund associations suggested that there must either be minimum training requirements among trustees with a working knowledge of the rules and regulations or the need for trustees to consult financial experts and heed their advice. There's also a growing concern regarding compliance monitoring of self-managed super funds.

If you have a self-managed super fund, and you want to know more about this subject, read more about on www.australiansuperfinder.com.au. And if it happens that you have lost super or multiple funds that you want to consolidate, call our administrators at 1300 252 167 for support.

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