AustralianSuper

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AustralianSuper Superannuation

As Australia’s largest industry superannuation fund provider, AustralianSuper features include insurance cover, online account access, low investment fees, and withdrawal fees.

Key Points 

  • 5-year Growth of 10.51% 
  • A low $78 administration fee
  • Financial advice without commission
  • High-growth and low fees
  • One of Australia’s Platinum industry funds. 

AustralianSuper’s Financial Product Offering

The AustralianSuper super fund offers two main products which offer financial services and super accounts to a range of Australian employees. These two products are the MySuper Fund and the Personal Plan fund. Both the MySuper fund and Personal Plan super fund offer services for full-time, casual and part-time employees and self-employed sole traders and partners of a partnership. 

These products feature the following options: 

  • Unlimited investment switches.
  • Easy access to account details via mobile and desktop.
  • Term deposits from income accounts.
  • Complimentary financial advice and financial services via telephone for help in any financial situation.
  • Optional investment in Australian stocks.
  • Income protection, life insurance and  TPD insurance are all available through the fund
  • Up to 17 managed funds to choose from, including a 10 single asset class funds and 7 pre-mixed funds.

AustralianSuper Personal Plan 

  • 5-year returns of 10.51%
  • Admin fees of $78
  • Fees calculated on 50k account balances of $408

Key features:

  • Financial advisory services
  • Term deposits
  • Income protection
  • Easy online access
  • Death insurance 

AustralianSuper MySuper

  • 5-year returns of 10.51%
  • Admin fees of $78
  • Fees calculated on 50k investment of $408

Key features:

  • Financial advisory services
  • Income protection
  • Easy online access
  • Death insurance 

Joining AustralianSuper

To join AustralianSuper you must meet the prerequisites below: 

  • Be over the age of 18.
  • Be an Australian resident. 

If you’re able to meet these prerequisites then you can move forward with your application to join AustralianSuper. The process is simple with just a one-click on the product you’d like to open and the website will take you through all necessary processes. Always be sure to compare super accounts on Extras prior to taking out an account to ensure you’re choosing a super fund that meets your requirements. 

AustralianSuper Investment Options

All AustralianSuper members have the ability to choose how their super is invested. This means more control of your returns and the movement of your investments.

Below are AustralianSuper’s three major investment options: 

Member Direct

This investment option enables you near-total control of your investment allowing you to select specific stocks, term deposits and ETFs to invest your super into. Any S&P/ASX 300 and ETFs are able to be selected. 

Premixed

Offering comparatively less control is the premixed investment option. You’ll be able to choose a pre-made investment fund that AustralianSuper has developed. This could be a range of stocks or something else entirely. 

DIY Mix

In line with premixed, the DIY Mix investment options enable AustralianSuper Members to invest their super into an asset class or classes of their choosing. You’re also able to select the investment amount that heads into these asset classes.

About the Fund

With more than $140 billion in assets, Melbourne-based AustralianSuper is the country’s largest multi-industry super fund. Managing the financial retirement assets of over 2 million Australians, the superannuation fund is one of the most trusted, popular and reputable in the industry. 

As a result of such stringent management and a focus on stability and growth of returns, AustralianSuper has been able to achieve a Platinum rating for excellet past performance growth for more than 16 years. This is an excellent result for those looking for a safe haven for their retirement savings.

One major standout feature of the AustralianSuper fund is that members have the option to choose from 11 investment options, which consist of 5 DIY Mix options and 6 pre-mixed investment options. Those who demand ethical investments can also be assured this by taking the Socially Aware investment option.

When making your own investment choices, the Member Direct option enables AustralianSuper members to access Term Deposits, ASX 300 Shares as well as the ETFs on the stock exchange: though these may all be subject to fees.  

If members choose the Balanced option, they will be glad to know that this investment choice has continually outperformed most other funds on the SuperRatings index for the past few years. And to top it off, the Balance investment option also has some of the lowest fees in the super fund industry to boot. Though exit fees and withdrawal fees may apply. 

The AustralianSuper fund also features a whole range of health insurance coverages which include Income Protection (IP) insurance as well as Death, Total & Permanent Disablement (TPD) insurance. These insurance options are automatically provided to eligible AustralianSuper members the moment they join the fund. 

– Income Protection now features a benefit period that extends from 2 years through to 5 years or up to the ages of 65 where salary cover reaches up to 85%. 

Lastly, all AustralianSuper members will have unrestricted access to a myriad of online information, fact sheets along with educational media and calculators to make investments and understanding their finances a lot easier.

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