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How to start my own Pension Fund

Discussion in 'Introductions' started by benton, 22nd Apr, 2012.

  1. benton

    benton New Member

    Joined:
    22nd Apr, 2012
    Posts:
    1
    Location:
    Hobart, TAS
    Hi all..I'm 'benton' 62 year old, single male..
    Being a newbie..i really do not know where to start!..and seek your guidance and experiences on such a complex subject.
    Briefly..i am already on part super preserved for life and a DSP pensioner and in near future hope to have a compensation case finalised which hopefully will award me a reasonable amount of $.
    I am thinking of starting my own Pension Fund and draw from that on a regular basis, hopefully enjoying some good tax concessions.
    Can any of you fellow members steer me in the right direction weith any assistance.
    1. can i set this up myself, or is it advisable to use the services of an accountant or bank. (I do have an accountant and am also an ANZ customer..which is the better way to go?)
    2. I have 2.5 years to go to Age Pension and need to qualify for this pension.
    3. I have no property nor assets.
    Any advice and assistance would be greatly appreciated.
    Please PM me rather than leave a comment here.
    Regards.
    benton
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    Mate, I would never trust a bank employee.

    What you need is a super advisor - not necessarily an accountant. If you get the tax or set up wrong then it could cost you a fair bit so best to do it properly.