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What the Researchers Say:

A "reasonable value for money" fund that is performing well in a number of assessment areas but with average or below average features and/or performance in a number of other areas of our assessment.

You should contact your financial advisor or this fund before making an investment decision.

  • Silver
Awards
Fund data valid as of March 31, 2016

Typical Fees

Balance This Fund Industry Average Difference
50k $1,150 $708 $442
250k $3,732 $3,049 $683
500k $6,902 $5,778 $1,124

Investment Allocation

Intl shares 28.0%
Aus shares 30.0%
Property 6.0%
Alternative 7.0%
Fixed interest 24.0%
Cash 5.0%

Fees & Charges

Membership Fee $660
Asset Admin Fee 0.13%
Investment Fee 0.85%
Switching Fee $0
Exit Fee $0
Account Size Discount Yes
Employer Size Discount N/A

Fund Features

Financial Planning Service
Health Insurance
Home Loans
Credit Cards
Binding Nominations
Non-lapsing Binding Nominations
Insurance Life Event Increases
Anti-detriment Payments
Long Term Income Protection

About this Fund

Membership 229,792
Total Assets $32,185,988,901
Year Started 1992
Target Market
Offered to Public?
Fund Type Master Trust-Allocated Pension

Fund Highlights - provided by Summit Personal Pension

Suited to investors with diverse and complex investment needs
Sophisticated suite of investment options - including managed funds and direct assets across both super and non-super investments
Consolidated investment reports, with online access to view portfolio details
Fee aggregation between super and non-super investments
Fee for service financial planning

Fund Rating Snapshot

  • Legend:
  • Excellent
  • Good
  • Average
  • Below Average
  • N/A

Rating Categories Clockwise from top

Performance
Performance is based on the past 5 years for their core balanced option
Investment Choices
Points scored on additional benefits to members ie: Home loans, Credit Cards, Health Insurance, Reverse Mortgage, shopping discounts, anti detriment payments and many others
Investment Processes
Points scored on contribution collection, via cheque, cash, Eftpos, Bpay, direct debit and other features
Small Account Fees
Points scored on the fees and charges based on an account size of $5k
Medium Account Fees
Points scored on the fees and charges based on an account size of $50k
Large Account Fees
Points scored on the fees and charges based on an account size of $100k
Death Insurance
Points scored on premium costs and features for Death Insurance ie: Min/Max level of cover, cover available during unpaid, whilst overseas, max age and other features
Death and TPD Insurance
Points scored on premium costs features for Death and TPD Insurance ie: Min/Max level of cover, cover available during unpaid, whilst overseas, max age and other features
Income Protection Insurance
Points scored on premium costs features for Income Protection insurance ie: Min/Max level of cover, cover available during unpaid, whilst overseas, max% on monthly salary, waiting days available and other features
Member Services
Points scored on additional benefits offered to members ie Statement frequency and newsletter communications and other features
Administration Services
Points scored on the fund structure ie switching between investments, selecting regular contributions, nominated beneficiary changes, changing insurance options. For Service features like call centre, adviser services reports and many other features.
Financial Advice
Points scored on features in respect to financial advice facilities offered ie, by phone, internet, face to face, cost of scaled advice and others.
Goverance
Points scored on Trustee structure, number of independent directors , renumeration and proxy voting policy and risk

Score Explanation

Excellent: Score of 75%-100%
Premium performer in this area. Well above benchmark.
Good: Score of 51%-74%
Better than most funds. Above benchmark
Average: Score of 26%-50%
Placed close to benchmark
Below average: Score of below 25%
Not quite up to speed. Lower than benchmark.

Investment Option Performance

Asset Allocation Category FYTD FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 Comparison
Balanced -1.37%
9.35%
14.59%
19.80%
0.40%
11.60%
Fund
Benchmark
High Growth -3.30%
-2.60%
11.82%
13.21%
18.01%
17.79%
26.30%
22.59%
-3.50%
-3.09%
12.90%
11.80%
Fund
Benchmark
Conservative Balanced -0.14%
0.81%
7.46%
8.25%
11.42%
11.01%
15.50%
12.60%
3.20%
3.18%
10.30%
9.13%
Fund
Benchmark
Growth -2.31%
-0.32%
10.47%
11.50%
16.33%
15.91%
23.20%
19.45%
-1.50%
-1.21%
12.30%
11.20%
Fund
Benchmark
Capital Stable 0.71%
1.50%
5.79%
6.35%
9.23%
8.17%
11.40%
9.14%
4.80%
4.79%
9.20%
7.97%
Fund
Benchmark
  • Legend:
  • Outperformed average
  • Underperformed average
  • Negative returns

Annualised figures are the average per year returns of the rated option based on the cumulative returns for the past 5 years to 30/06/2015, past performance is not a reliable indicator of future performance. Performance and fee data is based on the option which is rated by SuperRatings and stated on each product's landing page.

Benchmark investment information - how performance is measured

To ensure comparability for consumers, the RateCity superannuation comparison is based on the asset allocation of each of the MySuper/Pension products, irrespective of the name of the investment option. This methodology allows consumers to compare products on a like for like basis and removes any ambiguities associated with the name of the investment option. For example, an investment option may be classified as growth, however its asset allocation may in fact mean it should be classified as high growth. By using the asset allocation as the dominant identifier, we believe this provides the most robust framework for consumers to compare funds and recognise that this is a consistent approach to that of SuperRatings methodology.

Option Type Percentage of Growth Assets
min-max %
High Growth 91-100%
Growth 77-90%
Balanced 60-76%
Conservative Balanced 41-59%
Capital Stable 20-40%
Secure 0-19%

What the researchers say

Summit Personal Super and Pension were established in 1992 as a platform service managed by AMP. It is now integrated with the North Online platform. Members of the Summit Personal Super Plan are allowed to move into the Summit Personal Pension Plan without the need to sell assets.

Summit Personal Pension provides members with access to over 220 Diversified and Single Manager options. Access to Direct Shares, ETFs and Term Deposits is also provided. The Summit Select Diversified Active Balanced option has exhibited good long-term performance, outperforming the SuperRatings Index.

Fees associated with this product are higher than the industry average across all account balances assessed. A minimum member fee of $396 pa makes it particularly expensive for small account balances. However, a tiered administration fee scale provides discounts for larger account balances. Further savings can be obtained through family fee aggregation. Furthermore, no exit fees and switching fees are charged, although changing investment options may incur transaction costs.

This product provides members with an excellent level of pension flexibility. Members can choose from a variety of pension payment frequencies ranging from fortnightly to annually. Payments can also be set to increase by CPI or a nominated percentage annually. A Transition to Retirement Pension is also available. Moreover, Death cover is available to pension members.

Through North Online, members can obtain investment portfolio information, complete transactions and produce consolidated reports at any time.


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