A nice glossy brochure, a bit of small print to skim over about fees and other unimportant stuff...then tick a box and off you go!
The fund managers seemed to be deducting their fees within 30 seconds of receiving the paperwork. Probably even before that, come to think of it!
Rolling over funds to self-manage your super
Of course, fund managers don't want you to leave. Their life is all about maximising their AUM (Assets Under Management).
They deduct fees as a percentage of your balance managed, so they want you to keep every last cent with them.
And they will make it as hard as they can to stop you transferring your funds elsewhere.
When I switched to self-managing my superannuation, I endured the whole gamut of excuses.
I rolled across four separate super funds in to an SMSF (Self-Managed Superannuation Fund) - I do like to make things difficult for myself...here's how I got on:
How I fared
Fund 1 - complained that my certified ID wasn't signed by a suitably qualified person (a 20-year-post-qualified CPA). Released the funds a the 2nd time of asking after 6 months;
Fund 2 - claimed that they never received my certified ID. Rather odd, as the other funds all did! Released funds at the 2nd time of asking after around 4 months;
Fund 3 - after 6 months, advised that they had posted me a cheque, but it "bounced in the mail back to them". Most odd!;
Fund 4 - my favourite: after 7 months, advised that they didn't receive a certified trust deed and certification of compliance document (erm...eh?!).
In the interim their systems had changed, though, and now they didn't actually need these things, but as the original application was now 7 months old, the rollover forms were too old and had to be completed again...
Fund managers will do absolutely anything to stop you leaving. Don't give up! It's only a bit of paperwork...and it's your money!