The need for personal super in today’s financial environment has become increasingly important. In today’s workplace ‘jobs for life’ have been replaced by ‘career pathways’ as we move between education, employers, family commitments, careers and travel. These new working conditions reinforce the importance of a holistic approach to superannuation which includes a personal super plan that moves with you throughout your working life – and into retirement.
The convenience of personal super
It’s all about continuity. You don’t change banks every time you change jobs and you don’t change your mobile number when you change carrier. It keeps life uncomplicated and consistent. It’s the same with super. By using an ATO standard choice form to instruct your new employer to pay your super contributions into the Personal Superannuation Division of the Mercer Super Trust, you’ll have one less thing to worry about.
By ensuring you have a personal super plan you will:
- Deal with less administrative paperwork when you least need them.
- Have one easy-to-read consolidated super statement.
- Avoid the hassle of deciphering different investment options when you change jobs.
- Access to free limited financial advice over the phone when you want to review your
investment options, contribution strategies or insurance needs.
- Have a detailed member history which allows our consultants to better understand your
- Loose no opportunities, your super remains invested at all times.
An easy way to create your personal super plan is to use the Self-Managed Super Service. This service helps you create a plan specific to you which we can then assist you in managing. It gives you control over your superannuation as trustee of your own fund, with access to comprehensive range of services including accounting, administration and compliance and investment support from our qualified staff. The Self-Managed Super Service takes the hard work out of setting up and running your own fund. You have a range of optional services to choose from including a one-off or ongoing retirement plan and investment advice from our experienced financial advisers. You can also gain access to extensive investment research and multi-manager investment options. We can establish a Self-Managed Super Fund (SMSF) for you and look after the ongoing administration, leaving you to get on with managing your retirement.
What is an SMSF? A Self Managed Superannuation Fund is a superannuation trust structure established for the sole purpose of providing financial benefits to members in retirement and their beneficiaries. Your SMSF is its own entity; it has its own Tax File Number (TFN), Australian Business Number (ABN) and transactional bank account, which allows it to receive contributions and rollovers, make investments and pay out pensions. All SMSF investments are made in the name of the fund and are controlled by the trustees. The primary difference between SMSFs and other super funds is that SMSF members are also the trustees of their fund. Consequently, they have the advantage of a level of control when it comes to tailoring the fund to meet their individual needs which other may not have. An SMSF prioritises the individual unlike retail and industry super funds which are designed to benefit a large group of members based on collective interests. There are two types of trustee structures used by SMSFs.
- The first is a Corporate trustee. This is where a company acts as the trustee and each member is a director. This structure simplifies the recording and registering of assets, providing administration efficiencies and flexibility in membership of a big corporation.
- The second structure is an Individual trustee where each member is appointed as a trustee, with a minimum of two trustees required.
Why choose an SMSF Service?
Depending on your financial circumstances, an SMSF may be the right choice for you for a number of reasons:
An SMSF allows you to take control of your super, either independently or with the help of experienced advisers.
We make it easy for you to establish and manage your fund. As part of the service, we can help you establish a trustee company, obtain a trust deed, establish a fund bank account and integrated online trading facility, lodge documents with regulators and auditors on your behalf, and help you to meet ongoing reporting and administration obligations.
Using our SMSF Service enables you to access our extensive range of products and services.
An SMSF Service enables you to integrate personal financial advice from a financial adviser and it may be possible for you to continue with your existing employer-sponsored super plan and retain some benefits such as employer-negotiated group insurance.
To learn more, contact us on 08 8362 3755 to discuss the best Super Plan for your retirement.