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Tuesday, 9 October 2007

I think they need another form letter.

My employer's superannuation fund just sent me a letter stating that they'd been notified that I had left my employer, and that I had 45 days to notify them of which superannuation fund to roll my fund balance into, otherwise it would automatically switch into their retail fund. I guess that now my employer is paying my superannuation contributions (SGL and salary sacrifice) into my self-managed super fund, I can't stay in the BT employer fund. I don't mind being automatically switched into the retail fund as I can keep my current life insurance policy, which is why I left a small balance in this fund anyhow. But since I haven't actually changed jobs (just super funds) the letter they sent out isn't really suitable.

You'd think that since "choice of superannuation fund" legislation came into effect many months ago they'd have a suitable form letter arranged by now. Perhaps they do, and my employer just sent them the wrong info. It wouldn't surprise me - the employer contributions for September still haven't been transferred into my SMSF yet, and when I asked payroll about it they admitted that they'd been some sort of snafu.

Copyright Enough Wealth 2007


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