Skip to main content

Does one size fit all when it comes to Superannuation?

Super Choice – how can employers help their employees? Since 1 July 2005, most employers have been required to give their employees a choice of fund for their superannuation guarantee contributions. It is only if the employee fails to choose, or chooses a fund which cannot be used by the employer, that the employer will be able to choose the fund. Prior to this, employees essentially didn’t have a choice and they were basically stuck with the fund their employer chose for them. In the past decade since “Super Choice” was introduced, there has been a great deal of competition in the superannuation market given that employees can choose where to put their money. A competitive market is good for consumers with an almost limitless choice of highly developed options for employees to choose from. So, what does this mean for employers? Well, in the early stages of this change it was essentially an administrative burden as large companies with large numbers of staff were faced with potentially having to pay in to any number of different super funds based on their employee’s choices. These days, this administrative burden has been significantly reduced with the introduction of SuperStream which is basically a standard for processing super payments electronically. Many employers have identified Super Choice as an opportunity to offer their employees a more individualised option rather than then simply nominating an off the shelf industry fund. At Hindsight Wealth we offer this service to employers. We come in, meet with each of your staff members individually and put together and present a tailored superannuation and personal insurance option. So why bother? What’s the advantage of this approach for employer and employee? Consider the following. •Each employee is different, their circumstances are different, their investor profile is different, they should have a super fund tailored to them and not just a one size fits all group approach. •Group insurance offered to employees is often not appropriate to their needs. A personalised, medically and financially underwritten insurance option will serve employees better. •Access to quality advice. Employees often make poorly informed choices regarding super and insurance. By providing a personalised Statement of Advice they will be getting quality advice suited to them. •This is an additional service you can provide your employees. You’ll be an employer of choice and your employees will greatly appreciate having this service offered to them. Finding the time to provide this service to your employees can be another challenge. We’re able to come out to your workplace and speak with them as a group either before or after hours or during a lunch break. Alternatively, we can arrange a group presentation at our offices in Portside. Be curious. Be informed. Be ready for the future you.

Comments

Popular posts from this blog

What will 19 hold for you?

Most of us are starting to think about getting back into work mode – or perhaps you are back at work already.
Don’t worry, this is not going to be one of those “let’s look back over the last 12 months” chats where we remember which celebrities are no longer or who won major sporting events.
What should you expect from the next 12 months? Well, nobody knows.  However, there is one certainty.  Markets will go up and markets will go down.  
Consider this.  The Australian equities market is still approximately 18% below where it was 11 years ago so there’s plenty of upside just to get back to where it was.  In terms of your superannuation, you need to consider your time horizon, i.e. how long will it be invested for before you can access it.
For a 35-year-old, they face another 30 years before they can access their super at age 65. Not only that, once they do retire at 65, they’re not going to take their super and spend it in one go.   They’re going to use it to produce an income in retiremen…

When Socks and Jocks don’t cut it anymore.

We have a solution to avoid the old favourites: socks and jocks this Father’s Day.  As this weekend is Father’s Day, the focus should be on Dad.  You can purchase the actual book or the digital copy so Dad can access year - round savings from his smart phone.  Part proceeds from your purchase, also helps a local Brisbane charity: Be Uplifted Inc Breast Cancer Charity – so everyone wins! Click here to purchase Dad his Entertainment Book subscription. Another gift you could give Dad is encouragement. To encourage Dad to have a conversation with a financial adviser about his super and insurances. Why? Maybe Dad has started a new job or had a promotion. Maybe Dad is nearing retirement? When our lifestyle changes or work situation changes, it affects your super + insurances. Reviewing these regularly will make sure Dad stays on track. Perhaps you know Dad has a few super funds hanging out there from previous jobs. This can affect a few things – especially Dad’s back pocket and can include inap…
Before you get excited (or not), I don't offer Pet Insurance, however I have received many questions about it.  So I thought I would offer some thoughts to consider for your independent pet insurance research.
Australians are a nation of animal lovers.  According to the Australian Companion Animal Council, we have one of the highest incidences of pet - ownership in the world!
Dogs and cats are our favourites; around 36% of Australian households own a dog, and 23% own a cat.  We're familiar with the companionship pets bring, and the social interaction they foster, but there are other benefits too:
Lowered blood pressure and cholesterol;Increased physical activity;Strengthened immune system and reduced incidence of allergies andChildren learn responsibility, empathy and respect.
When considering a pet, you expect costs like food, bedding, the annual vet visit and so forth, but there are other costs you may not have thought about.

Let's start at the beginning.  Those purchasi…