Asgard

Asgard Employee Superannuation Account - MySuper

Past 5-year return
New
Admin fee

$108

Calc fees on 50k

$563

SuperRatings awards
MySuper Silver
Past 5-year return
New
Admin fee

$108

Calc fees on 50k

$563

SuperRatings awards
MySuper Silver

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • Advanced online transaction features for advisers.
  • High quality online client portfolio management tools.
  • Fee cap on administration fees.
  • Administration fee not charged on funds in Cash Account.
  • Fund manager rebates passed onto investors.
  • Flexible adviser remuneration options.

Summary

Asgard Employee Superannuation Account MySuper was established to service the retirement needs of members from a wide range of industries. The fund is only available to members of participating employer groups.Asgard Employer Superannuation Account offers a lifestage investment option as the fund's default option, which is based on the decade the member was born. Members are automatically transitioned between up to 7 lifestage investments, increasing the allocation to defensive investments as the member ages. The MySuper 1960s Lifestage PST option underperformed the relevant SuperRatings Index over each assessed time period to 30 June 2020.Fees are lower than the industry average across all account balances assessed. There are no switching fees, although a buy-sell spread may apply.Asgard Employee Superannuation Account's insurance offering allows eligible members to apply for up to $5 million of Death and TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection with a benefit period of 2 years or to age 65, covering up to 75% of salary, is available following a 30, 60- or 90-day waiting period. The fund provides members and advisers with access to detailed account information and extensive reporting facilities via Investor Online. Members may also access a range of discounted services with the fund's Benefits Now program.

Features and Fees

Asgard Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$108

Administration fee (%)

0.29%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

0.12%

Exit fee

$0

Pros and Cons

  • Advanced online transaction features for advisers.
  • High quality online client portfolio management tools.
  • Fee cap on administration fees.
  • Administration fee not charged on funds in Cash Account.
  • Fund manager rebates passed onto investors.
  • Flexible adviser remuneration options.

Asgard Employee Superannuation Account MySuper was established to service the retirement needs of members from a wide range of industries. The fund is only available to members of participating employer groups.Asgard Employer Superannuation Account offers a lifestage investment option as the fund's default option, which is based on the decade the member was born. Members are automatically transitioned between up to 7 lifestage investments, increasing the allocation to defensive investments as the member ages. The MySuper 1960s Lifestage PST option underperformed the relevant SuperRatings Index over each assessed time period to 30 June 2020.Fees are lower than the industry average across all account balances assessed. There are no switching fees, although a buy-sell spread may apply.Asgard Employee Superannuation Account's insurance offering allows eligible members to apply for up to $5 million of Death and TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection with a benefit period of 2 years or to age 65, covering up to 75% of salary, is available following a 30, 60- or 90-day waiting period. The fund provides members and advisers with access to detailed account information and extensive reporting facilities via Investor Online. Members may also access a range of discounted services with the fund's Benefits Now program.

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Asgard Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$108

Administration fee (%)

0.29%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

0.12%

Exit fee

$0
Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
CONSERVATIVE BALANCE
GROWTH
CAPITAL STABLE
+ View additional option performance information
Past 5-year return
5.47%
Admin fee

$905

Company
Asgard
Calc fees on 50k

$1.5k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
5.74%
Admin fee

$40

Company
Asgard
Calc fees on 50k

$1.1k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
New
Admin fee

$108

Company
Asgard
Calc fees on 50k

$563

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Silver
Go to site
More details
Past 5-year return
5.47%
Admin fee

$75

Company
Asgard
Calc fees on 50k

$745

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
5.74%
Admin fee

$45

Company
Asgard
Calc fees on 50k

$1.2k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
5.47%
Admin fee

$50

Company
Asgard
Calc fees on 50k

$940

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
5.47%
Admin fee

$975

Company
Asgard
Calc fees on 50k

$1.6k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
5.47%
Admin fee

$75

Company
Asgard
Calc fees on 50k

$845

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
5.47%
Admin fee

$75

Company
Asgard
Calc fees on 50k

$820

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details

FAQs

How much superannuation should I have?

The amount of superannuation you need to have at retirement is based on how much money you would expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.

The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:

Lifestyle Singles Couples
Modest $465 $668
Comfortable $837 $1,150

Here is the superannuation balance you would need to fund that level of spending:

Lifestyle Singles Couples
Modest $50,000 $35,000
Comfortable $545,000 $640,000

These figures come from the March 2017 edition of the ASFA Retirement Standard.

The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.

Here is how ASFA defines retirement lifestyles:

Category Comfortable Modest Age pension
Holidays One annual holiday in Australia One or two short breaks in Australia near where you live Shorter breaks or day trips in your own city
Eating out Regularly eat out at restaurants. Good range and quality of food Infrequently eat out at restaurants. Cheaper and less food Only club special meals or inexpensive takeaway
Car Owning a reasonable car Owning an older, less reliable car No car – or, if you do, a struggle to afford the upkeep
Alcohol Bottled wine Casked wine Homebrew beer or no alcohol
Clothing Good clothes Reasonable clothes Basic clothes
Hair Regular haircuts at a good hairdresser Regular haircuts at a basic salon Less frequent haircuts or getting a friend to do it
Leisure A range of regular leisure activities One paid leisure activity, infrequently Free or low-cost leisure activities
Electronics A range of electronic equipment Not much scope to run an air conditioner Less heating in winter
Maintenance Replace kitchen and bathroom over 20 years No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom No budget to fix home problems like a leaky roof
Insurance Private health insurance Private health insurance No private health insurance

How does superannuation work?

Superannuation is paid by employers to employees, at least once every three months. The ‘superannuation guarantee’ is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary. The guarantee is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Superannuation is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

 

What should I know before getting an SMSF?

Four questions to ask yourself before taking out an SMSF include:

  1. Do I have enough superannuation to justify the higher set-up and running costs?
  2. Am I able to handle complicated compliance obligations?
  3. Am I willing to spend lots of time researching investment options?
  4. Do I have the skill to make big financial decisions?

It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.

What happens if my employer falls behind on my superannuation payments?

The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

What happens if my employer goes out of business while still owing me superannuation?

If your employer collapses, a trustee or administrator or liquidator will be appointed to manage the company. That trustee/administrator/liquidator will be required to pay your superannuation out of company funds.

If the company doesn’t have enough funds, in some cases company directors will be required to pay your superannuation. If the directors still don’t pay, the Australian Securities & Investment Commission (ASIC) might take legal action on your behalf. However, ASIC might decline to take legal action or might be unsuccessful.

So there might be some circumstances when you don’t receive all the superannuation you’re owed.

Can I take money out of my superannuation fund?

Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.

As a general rule, you can only take money out of your superannuation fund when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

That said, you can take money out of your superannuation fund early based on one of these seven special conditions:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

What are reportable superannuation contributions?

For employees, there are two types of reportable superannuation contributions:

  • Reportable employer super contributions your employer makes for you
  • Personal deductible contributions you make for yourself

What are personal contributions?

A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.

How does superannuation affect the age pension?

Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.

What is the difference between accumulation and defined benefit funds?

A majority of Australians are in accumulation funds. These funds grow according to the amount of money invested and the return on that money.

A minority of Australians are in defined benefit funds – many of which are now closed to new members. These funds give payouts according to specific rules, such as how long the worker has been with their employer and their final salary before they retired.

How do you get superannuation?

You’re automatically entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

Is superannuation taxed?

Superannuation is taxed. It is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.

How do you calculate superannuation from a total package?

Superannuation is calculated at the rate of 9.5 per cent of your ‘ordinary-time earnings’. (For most people, ordinary-time earnings are their gross annual salary or wages.) So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

As the Australian Taxation Office explains, some items are excluded from ordinary-time earnings. They include:

  • Overtime work paid at overtime rates
  • Expense allowances that are fully expended
  • Expenses that are reimbursed
  • Unfair dismissal payments
  • Workers’ compensation payments
  • Parental leave
  • Jury duty
  • Defence reserve service
  • Unused annual leave when employment is terminated
  • Unused long service leave when employment is terminated
  • Unused sick leave when employment is terminated

Although the superannuation guarantee is currently at 9.5 per cent, it is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

How is superannuation calculated?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

What are ethical investment superannuation funds?

Ethical investment funds limit themselves to making ‘ethical’ investments (which each fund defines according to its own principles). For example, ethical funds might avoid investing in companies or industries that are linked to human suffering or environmental damage.

How do you find lost superannuation funds?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

How do you find superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

What is the superannuation rate?

The superannuation rate, or guarantee rate, is the percentage of your salary that your employer must pay into your superannuation fund. The superannuation guarantee has been set at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.