Superannuation

Items which should be entered under Superannuation

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

How to add a Superannuation account

To add an existing Superannuation fund:

  1. Go to the Current Situation > Super & Trusts (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 on the left menu underneath the superannuation fund.
  3. If you would like to add a new investment option to the existing super fund, you then need to:
    1. Go to the Cashflows & Goals step (top menu), then the Review super funds sub-step
    2. In the Existing super funds section, find the super fund
    3. Within the section for that fund, click the Add new investment to super fund button

To add a new or proposed Superannuation fund:

  1. Go to the Cashflows & Goals step (top menu), then the Review super funds sub-step. Then, click the +Start a new super fund button (at the end of the page).
  2. Within the existing 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 that will appear on the left menu underneath the superannuation fund.

Modelling options

Data entry tips

  • If an individual only has one existing superannuation fund, and isn't opening a new one, then in Cashflows & Goals step, you just need choose the robot icon for the existing superannuation fund.
  • If an individual has two or more of:
    • An existing superannuation fund
    • A new superannuation fund
    • An SMSF

Make sure that the instructions you give at the Cashflows & Goals step keep at least one fund open for future contributions otherwise you will get errors in the results (e.g. if you have two superannuation funds, and close them both without adding a new superannuation fund, the results will have an error because there will be nowhere to deposit future contributions). You should check the results to ensure they are what you were expecting.

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

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

  1. Go to the Cashflows & Goals > Review super funds step
  2. Find the super fund you want to rebalance
  3. For the investment option you want to close, for the Keep investment open? field, click 'No'
  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'
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 Cashflows & Goals > Review super funds step
  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.

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 for reference.
Rollover funds from one super fund to another

To rollover funds from one superannuation fund to another:

  1. Go to the Cashflows & Goals > Review super funds step
  2. For the fund you want to withdraw funds from, for the Custom options field, choose the 'Close account' button
  3. For the fund you want to deposit the funds to, for the Custom options field, choose the icon.
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 Cashflows & Goals > Review super funds step
  2. Find the superannuation fund that should have the minimum balance
  3. Choose the Keep minimum balance option.
  4. Fill in the Balance at least field
  5. (Optional) In the results, if you find that the balance of this fund is still too high, you can enter a value for the Balance no more than field.
  6. (Optional) If you would like to keep the minimum until retirement, and then close the super fund, in Balance no more than field, use the series builder to put zero in the year the option should be closed (for more, see How to increase or decrease a value in the series builder)

If you set a maximum balance on a superannuation fund, and the individual is still making super contributions, then make sure another fund is kept open without a minimum balance (e.g. has the robot icon selected).

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

    • If a fund with insurance is closed, the insurance will stop being paid
    • If you want the insurance to be paid out of a new super fund, make sure you have entered the new Super fund first.

    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.
Start a transition to retirement (TTR) pension

See Retirement planning goal (super contributions and pensions)

Start or continue an account based pension

See How to include an account-based pension (ABP).

Super Transfer balance

You can enter details for this on the Individual form.

More modelling tips

Results for Superannuation Funds

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

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)