Your choice – known and knowledgeable, or remote and unfamiliar

by Chris Heyworth BA(Hons), CA

I had a sudden and significant health issue last year.  I was lucky.  Only out of action for a few days.  Then came the discussion with my better half.

“A lot of our investments are in superannuation, aren’t they?”  “Yes.”  “We are both trustees and members of our self-managed superannuation fund.”  “That’s right.” “I think I know but remind of what I would do if you had died or were unable to function properly.”

The response was: “Call Ashok Tulsiani or Barbara Gough at Moneta Super.  You know them, they know us, and they are knowledgeable about everything to do with our superannuation fund.  They can confirm what we have put in place, tell you exactly what you can and need to do, and help you efficiently deal with a stressful situation.  We have been valued customers of Moneta Super for many years and they will look after you.  If you prefer, visit the Camberwell offices rather than only using phone and email.”

I was relieved not to be saying: “Call the Mega Super Fund member hotline and try and speak to someone who knows more than the basics of superannuation rules and regulations.  You will have to explain everything about us to them (and probably again and again the next times you call them) as we are two of millions of members.  Expect their processes to be bureaucratic and lengthy.  Their offices are in Sydney so you will only be able to interact with them via phone or email.”

Some members and trustees choose to close their self-managed superannuation fund and transfer benefits to huge, public offer funds “to make things simpler for the survivor if one of us dies”.  That, of course, is their prerogative.

For me, if I were not around I would rather my spouse was contacting people known and knowledgeable rather than remote and unfamiliar.  Combine that with the reality that a self-managed superannuation fund can offer wide options, high flexibility, and close control over how death benefits can be used, and the choice seems clear.

Let Moneta Super know if you could benefit from a review of your superannuation succession arrangements (call Ashok on 0414 073 184).  Your peace of mind (and your family’s) is important to confirm that everything that should be there is there, and current and understood.