Super Safeguard Superannuation

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Super Safeguard is an Eligible Rollover Fund (ERF) which can hold an individual’s superannuation if they lose contact with their original fund or their super account becomes otherwise inactive.

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Types of Super Safeguard superannuation accounts

Super Safeguard is an ERF, which means that it’s not available to join or have an active account with. A super fund you previously had an account with may have chosen to transfer your balance to Super Safeguard for a number of reasons:

  • They may have lost contact with you
  • You may have changed jobs and opened an account with a new super fund
  • Some aspect of your personal details, such as your name or address, may have changed

That being said, there are several benefits offered by Super Safeguard, including:

  • A cross-fund matching program
  • Competitive fees
  • They actively seek to help members find lost super
  • The offer a simple and safe transfer of lost superannuation

Eligibility to join Super Safeguard superannuation

As mentioned, you cannot actively join Super Safeguard or any other ERF – in order for them to be holding your super balance, you must have previously been eligible for and had an account with a regular superannuation fund.

How to join Super Safeguard superannuation.

You cannot join Super Safeguard, in order for them to be holding your super balance, it must have been transferred to them by a regular super fund which you previously were a member of and had a balance with.

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Super Safeguard FAQs

Super Safeguard does not offer online management services for super balances under its management. ERFs are passive managers and do not offer investment choices or any sort of options to the individuals whose super is being held by the ERF in question.

Super Safeguard says one of its broad objectives is to “to protect the members’ capital while providing long term growth in line with inflation by achieving a rate of return of at least 2% per annum”.

It does this by, in terms of growth assets, investing primarily in Australian shares (up to 17.8% of one’s balance), hedged and unhedged global shares (up to 11.8% of one’s balance for both, so a total of up to 23.6% in global shares), and property (up to 6.6%).

In terms of defensive assets, Super Safeguard invests primarily in diversified debt (up to 75%).

You cannot consolidate external super into a balance held by Super Safeguard, but Super Safeguard will let you consolidate a balance held by them into a balance held by another fund which you’re a member of. This service is free and will be handled by Super Safeguard once you’ll filled out a Transfer Request Form and mailed it to Super Safeguard.

Super Safeguard, being an ERF rather than a traditional super fund, does not send out annual statements. However, if you’re a member of a standard super fund, you should be sure to check these 9 things on your superannuation statement:

  • Personal details are up-to-date
  • Nominated beneficiaries are up-to-date
  • Tax File Number (TFN) is recorded
  • Super contributions from employer and/or your voluntary contributions are correct
  • Investment asset class choices are appropriate for your life stage
  • Amount paid in fees for the year is not too high
  • Insurance in super is still adequate coverage for your needs
  • Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
  • The big picture – are you happy with your super fund overall?

Super Safeguard is one of Australia’s Eligible Rollover Funds (ERFs); they bill themselves as “Australia’s progressive Eligible Rollover Fund” and “Australia’s Eligible Rollover Fund of choice”. They promise a “low fee structure and proven performance” to those with funds being managed by them, and say that they’re the “ideal” super fund for those who may be overseas, on maternity leave, between jobs, or taking time off.

Written by: Nina Tovey | Last updated: April 18, 2018