Q&AMP

Want more control of your super?

Answer

Taking control of your super can mean different things to different people.

Depending on your personal circumstances and the level of complexity you’re comfortable with, there are a number of things you could do to take more control of your super.

If you’d like to take a more hands-on approach, and really get behind the steering wheel, then you might consider whether a self-managed super fund or an SMSF is right for you.

SMSFs can provide you with greater control, flexibility, and transparency of your super.

You control how to invest your superannuation money.

You have the flexibility to pick and choose from a wider range of investments. These can include direct shares, term deposits, and even property.

Since you are in control, you can choose to invest directly in shares for companies that you are familiar with or you can work with professionals to build a portfolio of shares that best meets your needs.

With an SMSF you can view your individual share holdings, see your term deposits, check your cash balance and keep track of rental income from your property.

You have greater visibility of the assets your super is invested in and how they are performing at any given time.

Running your own super fund means that you can monitor and control almost all of your fund’s transactions, which will give you a clearer picture of your fund’s running expenses.

And, as many of these expenses may be fixed dollar amounts, the general rule is that the bigger your total fund size, the more cost effective it becomes to run a self managed super fund.

While there is little doubt that an SMSF can provide you with greater control, flexibility, and transparency of your super, it must also be remembered that along with these benefits comes additional risk and complexity.

Self managed super funds are not for everybody.

If you think an SMSF is not for you

If an SMSF is not for you there are a few simple things you could do to take control of your super.

You could take a look at which investment option your super is currently invested in and decide whether this option is a suitable one for you.

It pays to keep track of the contributions being made to your super to avoid being charged excess contributions tax.
You could also check your nominated beneficiaries are up to date and don’t forget, if you have a number of super funds, it could pay to consolidate them into one account to reduce the fees that you might pay.

Is an SMSF right for me?

Find out more about self managed super funds

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Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.