AYB240 - Superannuation and Retirement Planning - Research Project Assessment Answer

Assessment Task:

AYB240: Superannuation and Retirement Planning Assessment Answer

Scenario

Samantha is a twenty year old student, studying in her second year of a combined Bachelor of Arts/Environmental Science degree. She is considering undertaking a research masters in environmental sustainability after graduation, as it is an area she feels very strongly about. For the past four years, Samantha has worked in different industries and with different employers in a number of casual or part-time jobs while managing her uni study. She recently started a new job as an administration assistant in Brisbane and her employer has asked which superannuation fund she wants her super to be paid into. Samantha isn’t sure as she has several superannuation accounts in different funds, with a total balance of around $8,000. She has seen some advertisements for MySuper recently and wonders if that is something she should be considering

Requirements

Your task is firstly, to compare the superannuation funds in the list below only, suggest which one fund that Samantha should use and justify your choice. Secondly, determine if she would be better off using the MySuper product of that fund (if offered), or another investment option(s) that fund offers. When making your decision, you should give consideration and appropriate discussion to each of the following areas:

 The differences between the funds in the list provided

•  Samantha’s personal characteristics and preferences
•  The purpose of MySuper products
•  If the fund’s MySuper option (if offered) meets the objective of MySuper
•  If the MySuper option is the best choice for Samantha (why/why not)
•  Are there drawbacks of whichever investment option you propose.

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