Has anyone extracted super? And how?

[pully]

i can understand your frustration in this matter. sometimes the funds can be slow to send the necessary forms to rollover the super funds. or slow to process the forms once received.
i believe there is a time rule re sending out the forms and if not adhered to there is a potential penalty that can be applied.
this was done to stop funds dragging their feet re requests to rollover or withdraw funds.

the relevant forms should have been sent and if the fund fails to do that perhaps seek further info from the financial ombudsmen.

probably best to keep one and roll the funds together at present.
regards.

 

[Lil Skater]

probably best to keep one and roll the funds together at present.

Hi Pully,

Yeah i think that's the plan atm, roll them into one, but then find one i like.

After this roll the funds over again, hopefully this will work..

Thanks for the advice everyone.

Sam

 

[JamesGG]

If one of those balances is under $200, then you should be able to cash that out without any problems.

Beyond that, the rules are quite strict and so you may find that you'll need to roll them all into one place instead. I don't know if your parents have a smsf but it may be worth talking to them about that, perhaps. It won't help repay your debt at all but will at least give you (some) element of control of what's happening with it.

 

[wylie]

If one fund was worth $500 and has now dropped to $200 why not leave it there and let the share market carry it up when it picks up. If you cash it (if you can) you are crystallizing your losses and $200 is not much of a debt to carry to your parents. I do realize that in my younger days $200 was the difference between eating OR making the mortgage payment but it is a shame to touch it, in my opinion.

 

[geoffw]

Something to add here.

Some funds automatically set up a life insurance fund for you. They withdraw funds do the life insurance premium without your explicit knowledege or consent. You have to opt out, not opt in.

So Sam, check with your SMSF if this is happening. It has happened with a lot of my employees and even my children.

It is a fund which deals with the hospitality industry.

But I'm tired now. Time for a rest.

 

[Lil Skater]

If one fund was worth $500 and has now dropped to $200 why not leave it there and let the share market carry it up when it picks up. If you cash it (if you can) you are crystallizing your losses and $200 is not much of a debt to carry to your parents. I do realize that in my younger days $200 was the difference between eating OR making the mortgage payment but it is a shame to touch it, in my opinion.

To me $200 is a weeks wage, so passing it on to pay my parents is much better than leaving it there, especially since this fund no longer has any income going into it.

I do not plan to stay with this fund so i'd rather use the money to pay part of what i owe my parents, the faster i pay it the better. I don't think i'd appreciate it and someone could *possibly* pay part of it off but choose not to for their own gain.

 

[Lil Skater]

But I'm tired now. Time for a rest.

Clever, very clever.

Dad jokes, ahh..

 

[geoffw]

Clever, very clever.

Dad jokes, ahh..

Forget the "dad" jokes.

It sounds as if your fund is doing the same thing. So call them up tomorrow and get the life insurance cancelled.

 

[Shaneelastic]

The clear and correct answers are.

If you have under 200 in a fund. You have two options. Roll over to another fund or leave it, option two is take it out in cash as its under 200 and thats the law.

If its over 200 it has to stay in super until you reach 60.

They are the rules.


Dont listen to people talking about SMSF in regards to your situation, it doesnt work and then the funds have to be invested to provide retirement benefits. Something hat paying off your debt is not.


Now,there is a way you can get early release of super, but you have to show severe finanical hardship including centrelink payments for 26 weeks, or the bank is about to forclose on you.

 

[wylie]

To me $200 is a weeks wage, so passing it on to pay my parents is much better than leaving it there, especially since this fund no longer has any income going into it.

I do not plan to stay with this fund so i'd rather use the money to pay part of what i owe my parents, the faster i pay it the better. I don't think i'd appreciate it and someone could *possibly* pay part of it off but choose not to for their own gain.

I do understand, but I would prefer my sons to carry a $200 debt to me instead of knowing that $200 would be worth so much more when the sharemarket picks up.

You say you will not add to this fund but if you roll them both into a fund that you will add to then it is a shame to "lose" $300 for the sake of paying back such a small debt (even though is is a lot of money to you right now).

Of course it may depend on what other debts you have as to whether this $200 is such a big deal.

 

[Lil Skater]

I think the other fund does have a life insurance thing going on as i recall on a previous statement.

But yes i'll give them a call and see what's going on there.

Thanks!

 

[Lil Skater]

I do understand, but I would prefer my sons to carry a $200 debt to me instead of knowing that $200 would be worth so much more when the sharemarket picks up.

You say you will not add to this fund but if you roll them both into a fund that you will add to then it is a shame to "lose" $300 for the sake of paying back such a small debt (even though is is a lot of money to you right now).

Of course it may depend on what other debts you have as to whether this $200 is such a big deal.

Yep, and completely understandable. My parents are much the same, they won't let me buy a newer car instead are loaning me theirs for a year or so until i'm set up in Melbourne, because they don't want me touching my savings.

As for the amount owing, it's actually a fairly big sum, but because i don't get paid much weekly $200 for me, is a fairly good dint in the amount i owe them.

It's a personal choice for me, i get quite stressed over owing my parents money, especially at this point because i move out in 3 weeks, and will be on a low income and strapped for cash as is, i'd rather get them paid first.

 

[Casserole Dish]

Good on you Lil Skater, by paying your parents quicker I think they will be happy to lend you an even larger amount next time. Clever.

In the good ol' days when I was young I moved around a fair bit and with each new job came a new super fund. I just rolled them all around and always found the new super fund was keen to claw the money from the old fund so I let them worry about it.

Now I'm married with bubs and not working my super fund is not really doing much. I set up my life insurance to come out of it so it's useful for that. (cheaper and better coverage than other policies).

Will I go back to work one day and use it again? I don't know, I'd really rather be able to take the money out and use it as a deposit but that's only because I like property investing. No where NEAR enough for a SMSF though so simply not an option.

Go get 'em Lil Skater, most young'uns wouldn't even think about this stuff.

P.S. Don't give too much away, but where abouts in Melb are you heading?

 

[quoll]

I had a few different super funds, you work different jobs and each employer would just stick the super into what ever fund they put everyone elses, a few just got eaten up in fees until a $0 balance was reached and then no longer existed. If you can pull the cash out now or wait until the balance drops under $200 and then pull the cash out it would be best. The cash seems to disappear quickly once it's sub $200.

I still have 3 funds and they are not very efficient investments. Could do a lot more with the cash myself. But then it wouldn't be providing employement for those very savy fund managers. At least I'm helping the economy go round and round.

Good Luck
Graeme

 

[Lil Skater]

Good on you Lil Skater, by paying your parents quicker I think they will be happy to lend you an even larger amount next time. Clever.

P.S. Don't give too much away, but where abouts in Melb are you heading?

LOL, not quite

Eastern, i think?

If you can pull the cash out now or wait until the balance drops under $200 and then pull the cash out it would be best. The cash seems to disappear quickly once it's sub $200.

At least I'm helping the economy go round and round.

Yeah it does, i'd rather not have it eaten up if it can be helped

Haha, for some reason i don't think my couple of hundred is having much influence on the economy!

 

[natmarie73]

I didn't know you could cash out your fund if it was less than $200. Does that mean if I roll over the bulk of one superfund into another super fund except for the last $200 I could then take that out as cash?