Superannuation funds with account size discounts

Learn how you can start planning for your retirement. RateCity compares superannuation products from 100 Australian Superannuation funds. Compare super funds with account size discounts - Data last updated on 31 Mar 2019

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For most of us, superannuation is considered to be a distant payoff that we only get to cash-in once we reach retirement age and exit the workforce.

As such, for the duration of our career, superannuation remains a compulsory contribution made by our employers on our behalf.

Whether or not you retire as comfortably as you would like could come down to how you think about your superannuation.

Regardless of whether you’re a high- or low-income earner, there’s always potential to maximise the amount of superannuation in your account.

One easy way of maximising your super balance is by paying attention to the fees you’re being charged. But first, let’s itemise what fees funds could apply to superannuation accounts.

  • Member or administration fee
  • Establishment fee
  • Contribution fee
  • Investment management fee
  • Switching fee
  • Insurance premium
  • Advisory fee
  • Activity-based fee
  • Exit fee

Not all super funds charge all the fees listed, but many funds charge more than one fee. And most of the fees charged by super funds are taken from your superannuation balance.

So, you get the idea that if you have a relatively low super fund balance, the fees you’re paying could be making your balance lower rather than higher year-after-year.

On the flip side, just because you have a considerable amount of super accumulated… why let it be eroded by fees unnecessarily?   

The goal of a super fund balance is to increase over time so that you have more money at retirement. By taking aim and reducing the fees you’re paying, you could benefit from an increased fund balance. 

What’s a superannuation account size discount?

There’s more than one benefit to growing your super fund balance. The first is having more money to enjoy when you retire; the other is the discounts you could receive from your super fund as a reward.

One of the quirks of the superannuation industry is the bigger your fund balance is, the more discounts you could command for your superannuation account.

There’s a long list of potential fees you could be charged by your superannuation fund. These fees vary from fund to fund and from range to range.

As you build your super principal, you could start to command discounts from your fund in the form of reduced fees, lower insurance premiums and discounted advisory services.

Therein lies another reason to focus on growing your super fund balance – so that over time you can reduce the management costs of your superannuation account and enjoy continued growth.

How can I reduce my superannuation account fees?

The first step to reducing the fees on your super account is to identify what they are. The easiest way to find out what you’re being charged, and how much, is to look at your super statement or call your fund.

Ways to help reduce your superannuation account fees could be to:

  • Make personal contributions
  • Change your super fund
  • Consolidate your lost super
  • Change the level of your insurance cover

FAQs

A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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