Superannuation - Health Sector

[Metal Head]

Hi,

I just started a new job yesterday in the health industry and I have to make a choice between either Health Super or HESTA.

Are there any members here you are in either of those super funds who maybe able to give me advice on which one is the better (or worse) of the two?

Don't worry I won't take legal action against you should things not work out.

Thanking those in advance of their answers.

Cheers
MH

[Iain]

I'm with health super, can't comment any further though.
Are you receiving the fringe benefits available, I think it's about $16,500 pa income tax exempt?
I find it makes a significant difference to my income, about $250 a pay that Mr Howard doesn't get.

[AlexS]

SWMBO is with HESTA which seems to be OK, from memory it is one of the best performing industry funds.

I thought they'd changed the rules so that you can nominate any super fund you wish.

[Metal Head]

SWMBO is with HESTA which seems to be OK, from memory it is one of the best performing industry funds.

I thought they'd changed the rules so that you can nominate any super fund you wish.

Hi Alex,

Thanks for that. The position I accepted at the hospital allows only the choice of the two mentioned. However, the staff at the other end of the scale (Professionals) have 5 to choose from. I had hoped that I could have added to my existing super fund but I couldn't - so much for "FREE" choice.

Btw, does anyone know if there is anywhere (on the internet) where I could compare them against one another?

I had tried Morningstar and the Commonwealth bank but niether do it.

Cheers
MH

[johnc]

They are both industry style superanuation funds which means lower fees and charges than those managed by the banks and investment advice industry. They have also as a group performed well in comparison when it comes to investment return, do a search on both Hesta and Health super and look at the relative return each has made over the last five years which will give you something to base your decision on.

Google "Industry Funds" or "Industry Superanuation Funds" you should locate what you want. They are not generally listed under either bank or general advisory sites as they do not post results for funds they cannot extract blood from or who tend to out perform them.

[KevM]

My wife is in Hesta and I believe that they are one of the better performing Industry Funds.

I did a quick google and found both web sites. Without looking at fees & charges, Health Super claim on their balanced fund a last year performance 10.77% and 5 year average return of 10.39%. Hesta claim on their balanced fund a last year performance of 16.7% and 5 year average performance of 12.1%.

You need to make your own searches look at all the data and make your own decision.

[kiwigeo]

My wife is a nurse and she has her super with HESTA. As mentioned by others here it is one of the better performing industry funds.

Me....I got fed up with paying companies like Colonial to lose my money so I now run my own super fund.