the worst for roll overs
I have been on a self managed super fund for nearly 10 years and I have no problems with other super funds in transferring my super from my employers, but this Spectrum Super is the only one who has mandatory requirements for a roll over. I have submitted my ABN/ TFN for my self super which is just the requirement from other super funds but Spectrum seems they have their own requirement - what a joke. This is a warning to SMSF holders...
hard to roll over to another fund
Defence Force Retirement & Death Benefit (DFRDB) Rollover 1995-2012
The Keating Government said I had to roll over $10,000 from my DFRDB super fund when I left the Army in 1995 after 23 years service. This fund steadily grew about $1000 a year to 2005 ($23,000) but grew much stronger to $32,000 by 2007. In mid 2007 this fund with Total Retirement Fund/Questor was transferred to Spectrum Super as part of a merger of a few super funds however by 2009 it had plunger to $18,000; which is where it was in 2003. Since then it has similar growth to that of Questor and is now worth $22,000; where it was in 2004. I am ag...ed 60 in August 2012 but when I was nearing aged 55 I wanted to cash in the super but was told it now could not be cashed in until aged 60. However I now learn that provided I do not work more that 10 hrs a week I could have cashed in the money 5 years ago and go $32,000 instead on 22,000 in 2012. This verbal misinformation cost me $10,000 as a result of the GRC which of cause Spectrum Super and I were not aware of however the huge growth just before the GFC should have been a warning to both the super fund and me in hindsight. $10,000 could have been better invested in a rental flat similar to the one I bought in 1986 which has a better return and is appreciating in value as well. Nothing. I also got bad advice about not cashing in the money in 2007 at aged 55 Poor growth after it was transferred to the Spectrum Super fund in 2007
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