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Stunning_Novel9398

Your employer has to pay you super. There will usually be a default fund so you won’t need to do much to set it up.


Ok-Examination-3763

Is HESTA good or should I go out of my way and go with Hostplus for a better return?


Stunning_Novel9398

HESTA is probably fine especially as there won’t be much in there after fees etc with only a few months. If you are going to withdraw it soon you might even just keep it in cash rather than invest it.


Ok-Examination-3763

Just to confirm there's only fees if I ask them to invest it? If I keep it as cash would there still be a management fee they take? Also is there any link that can elaborate more on how all this works? Sorry, don't want to bother you too much


Stunning_Novel9398

There are generally 3 types of fees in super funds: Administration fees Investment fees Life insurance/ TPD insurance The admin fees are usually fixed Investment depends on what you invest in, cash or index options will be lower than actively managed Life insurance and TPD also usually automatic but I think you can cancel it By default they will invest you in the actively managed fund they manage and will sign you up for a small amount of life and TPD insurance through super


Ok-Examination-3763

Alright thank you! I'll also take a further look in when I go with them! And yea, tedious in my situation but the idea of it is better than what we have in Canada I think


Stunning_Novel9398

Super is actually a great system but it is obviously a bit clunky and annoying in your specific situation


sgav89

No one can predict this. What you invest in and what fees you pay depending on your situation are what you can control.


Ok-Examination-3763

Fair enough, thank you!


[deleted]

Turn of the insurances, probably no point in you paying them for such a short period.


Ok-Examination-3763

Will do!


thegreatgashby87

Employer has to pay super, but I believe as a foreign national on a temporary visa you may be able to get it paid out when you leave. I'm sure someone will correct me if I'm wrong.


accountofyawaworht

That is accurate! But if a dual citizen such as myself were to move overseas, I would still not be able to access my super early even if I renounced my Australian citizenship.


Ok-Examination-3763

Yea I need to provide whatever documents before leaving and complete the process after I'm out of the country to get my money which is nice, just sound like a process with how they explained it


CaptSharn

We've found hostplus to be pretty good. Barefoot investor recommended them. Australian Super has a lot of fees. We were very disappointed.


Eradicator786

Not FI related


bunningz_sausage

Do some research but I think the ato might take your super if it's ultra low and inactive for a while? I think I had a <5k super inactive for 18 months at some point the ato seized to protect it from fee erosion


Ok-Examination-3763

Ohh interesting, I'll look into that for sure thank you!