Established in 1989 to provide superannuation services to legal professionals, legalsuper is now a public offer industry fund dedicated to serving the legal community. legalsuper Pension opened in 2006 and a minimum initial investment of $20,000 is required to commence membership. The Lifetime and Fixed Term Guaranteed Income accounts are designed to offer a guaranteed and regular income while providing additional protection against inflation and longevity risks. Members have access to an investment menu of 11 Diversified and Single sector options, including a Socially Responsible option, as well as a Direct Investment Option providing access to Direct Shares listed on the S&P/ASX 300, a range of Exchange Traded Funds (ETFs), Listed Investment Companies (LICs) and Term Deposits. The Balanced option underperformed the relevant SuperRatings Index over the 10 years to 30 June 2020; however, outperformed over the shorter term. Fees are lower than the industry average across all assessed account balances, with the administration fee capped for account balances over $450,000. The fund does not charge a switching fee, although buy-sell spreads may apply. legalsuper Pension offers a good level of flexibility, with members having the ability to receive payments fortnightly through to annually. Members with more than one investment option can nominate the proportion of payments to be drawn from each option or have payments drawn proportionally across investment options. Beneficiary options include binding and non-binding nominations, as well as reversionary pensions. Additional benefits available include access to advice services, high quality educational material, interactive tools and calculators, as well as the ability to view account details and perform transactions online.

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