Superannuation

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What should be entered as Superannuation

  • The following should be added as Superannuation:
    • Retail Superannuation funds
    • Industry Superannuation funds
  • (error) Do not enter under Superannuation:

Note that instructions making contributions, TRIS and super guarantee are entered at the Retirement planning goal (super contributions and pensions).

How to add a Superannuation fund

To add an existing Superannuation fund:

  1. Go to the 


    Super & Trusts sub-step (under Current situation step on the top menu)



    . Then, click the +Add SUPER button (on the left menu)
  2. Within the existing Superannuation fund, you must then add at least one investment option (e.g. Balanced, Conservative), by clicking the Add investment to super fund button that will appear underneath the superannuation fund on the left menu.
  3. If you would like to add a new investment option to the existing super fund, then:
    1. Add the super fund and its current investments at the Current Situation > Super & Trusts step (top-menu)
    2. Go to the  Review super funds sub-step (under the Cash flows & Goals step on the top menu)
    3. In the Existing super funds section, find the super fund
    4. Within the section for that fund, click the Add new investment to super fund button

To add a new Superannuation fund:

  1. Go to the  Review super funds sub-step (under the Cash flows & Goals step on the top menu) . Then, scroll down until you see the 'New superannuation funds' section and click the +Start a new super fund button
  2. Within the Superannuation fund, you must then add at least one investment option (e.g. Balanced, Conservative), by clicking the Add new investment to super fund button (under the fund you just added)

Modelling options for Superannuation funds

Rules of thumb for choosing options for super funds

  • The More options features are most useful if the individual has more than one super fund or is approaching or in retirement.  So, if an individual only has one existing superannuation fund, isn't opening a new one and won't be retiring in the analysis, then at the  Review super funds sub-step (under the Cash flows & Goals step on the top menu)  , for the 'Custom options' field, it's easiest to choose the robot icon .
  • If you have multiple superannuation funds, make sure that one fund can receive contributions and doesn't have restrictions on the maximum balance, otherwise you will get errors during the solve.

Examples of modelling options

Within a super fund, rebalance from one investment option to another

To rollover all funds from one investment profile to another (e.g. change from 'Balanced' to a 'Conservative', so it is more consistent with the individual's risk profile):

  1. Go to the  Review super funds sub-step (under the Cash flows & Goals step on the top menu)
  2. Scroll down until you find the super fund you want to re-balance
  3. For the investment option you want to close, for the Keep investment open? field, click 'No' (if you cannot see this field, then for the 'Custom options' field, choose an option that is not "Close fund now')
  4. To add the new investment option:
    1. Click the +Add new investment to super fund button
    2. For the Profile field, select the required profile
    3. For the Future split % field, put '100'
  5. NOTE: This rebalancing happens in the first year and the ratio is maintained for the rest of the analysis.
Keep super investment options in a ratio

Within a super fund you can instruct Pathfinder to keep investment options in a certain ratio (e.g 50% Growth and 50% Balanced):

  1. Go to the  Review super funds sub-step (under the Cash flows & Goals step on the top menu)
  2. Find the existing super fund or add a new super fund
  3. If it's an existing super fund:
    1. For existing investment options fill in the Future % split field with the percentage of the total super fund that should be kept in each option
    2. (Optional) If required, add new investment options and also fill in the Future % split field
  4. If it's a new super fund:
    1. Add each investment option and fill in the Future % split field, as required.
  5. NOTE: This rebalancing happens in the first year and the ratio is maintained for the rest of the analysis

Tips

  • If there is only one investment option, just put 100%
  • For existing super funds, the current ratio of existing investment options is also listed on the form, which is useful if you want to continue with the same ratio.
Roll over funds from one super fund to another in the first year

To rollover funds from one superannuation fund to another:

  1. Go to the  Review super funds sub-step (under the Cash flows & Goals step on the top menu)
  2. For the fund you want to withdraw funds from, for the Custom options field, choose Close fund now
  3. For the fund you want to deposit the funds to under the Custom options field, if you can see the 'Rollovers into fund' field, make sure that Robot   is selected (if you have chosen options where the field is not visible, then rollovers in will be allowed automatically).
Keep a minimum balance in a superannuation fund

If a minimum balance should be kept in a superannuation fund (e.g. to keep insurance and pay its premiums):

  1. Go to the  Review super funds sub-step (under the Cash flows & Goals step on the top menu)
  2. Find the superannuation fund that should have the minimum balance
  3. For the Custom options field, choose 'Keep minimum balance'

  4. Fill in the rest of the fields as required
  5. Make sure that there is another fund that can receive excess super funds, if the individual is till making super contributions.
Pay insurance premiums out of a superannuation fund

If insurance is being paid out of a superannuation fund:

  1. Make sure that the superannuation fund has been entered (it can either be an existing or new super fund)
  2. Add the insurance:
    1. If it is existing insurance, go to the Current situation > Insurance step on the top menu
    2. If it is proposed insurance, go to the Cashflows & Goals > Review insurance step and click the +Take out new insurance button (at the end of the form)
    3. When you enter the insurance details, in the Owner field, you can choose the Superannuation fund
  3. Note that if a fund with insurance is closed, the insurance will stop being paid
  4. For more, see Insurance
Pay financial planning fees out of an existing superannuation fund

If financial planning fees are being paid out of a superannuation fund, the tax deductible status will be worked out automatically. To enter the fees:

  1. Make sure that the superannuation fund has been entered
  2. On the Cashflows & Goals > Cash flows step, in the Expense section and enter the fee details:
    1. For the Type field choose 'Initial plan fee' or 'Ongoing plan fee'
    2. For the Owner field, choose the Superannuation fund
  • If you want to pay financial planner fees paid out of a new superannuation fund, make sure you enter the super fund first.
  • If a fund that has a financial planning fee paid out of it is closed, the fee will stop being paid.
Set a super fund to be 'Left alone'

If you have a super fund that should be left alone (i.e. no deposits from contributions or rollovers, no roll outs, no lump sum), then you just need to choose the appropriate options:

  1. Go to the  Review super funds sub-step (under the Cash flows & Goals step on the top menu)
  2. Find the super fund
  3. For the Custom options field, choose 'More options'
  4. For Options for deposits choose 'Control deposits/rollovers in'
    1. For the sub fields, choose the 'Do not allow...' options
  5. For the Options for withdrawals field, choose 'Control withdrawals pension'
    1. For the sub field, choose the options with 'No...' or 'Do not allow...'
  6. (Optional) You can choose to close the fund later (e.g. at retirement), and Pathfinder will choose whether to withdraw or roll funds out
  7. NOTE: Pathfinder may still draw an account-based pension one the individual is eligible to do so.
Super Transfer balance

You can enter details for this on the Individual form.

Additional modelling options

Results for Superannuation Funds

See Superannuation and SMSF ResultsRetirement Planning and Build Super results and Tax results (Individual and super).

Related items

Other items related to superannuation funds:

Strategy Development Service (SDS) options

If the case includes complex analysis that you are not able to do in Pathfinder yourself, it may need to be submitted to the Optimo Financial SDS. Complexities include, but are not limited to:

  • Defined benefit pensions
  • More flexible control of super investment options that what is listed above (e.g. re-balancing in a future year such as retirement)
  • Some SMSFs (see the SMSF (Self-Managed Super Fund) help documentation for more details)