I was asked why cant I roll over my super fund into a SMSF?
Because, it is a military pension fund. I spent 13 years in the defence force. When you join they tell you that you have less rights than civilians and so it continues when you leave.
Basically the fund is "unfunded" which means the government hasn't actually put my money in an account and is using it. The members of defence force pension funds DO NOT have the same rights as civilians. I cant do anything with it other than leave it where it is, and after you leave the defence force, they park it in a different fund that barely keeps pace with inflation. I'm going to miss out big time at retirement but there nothing I can do about it.
And I don't have enough in my civilian pension fund to buy a property in a SMSF yet. Very frustrating.
Really? Why?
Because, it is a military pension fund. I spent 13 years in the defence force. When you join they tell you that you have less rights than civilians and so it continues when you leave.
Basically the fund is "unfunded" which means the government hasn't actually put my money in an account and is using it. The members of defence force pension funds DO NOT have the same rights as civilians. I cant do anything with it other than leave it where it is, and after you leave the defence force, they park it in a different fund that barely keeps pace with inflation. I'm going to miss out big time at retirement but there nothing I can do about it.
And I don't have enough in my civilian pension fund to buy a property in a SMSF yet. Very frustrating.