AustralianSuper

AustralianSuper Personal Plan

Past 5-year return
7.61%
Admin fee

$138

Calc fees on 50k

$408

SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Past 5-year return
7.61%
Admin fee

$138

Calc fees on 50k

$408

SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist

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

Pros and Cons

Pros and Cons

  • Strong long-term performance and low fees
  • Flexible investment choice - 11 options and the Member Direct option
  • Digital join process online and Mobile App available

Summary

AustralianSuper is a multi-industry public offer fund that manages over $180 billion in assets on behalf of more than 2.4 million members, making it one of the largest industry superannuation funds in Australia. The fund was a joint winner of the 2021 Net Benefit award and was also nominated as a finalist of the 2021 MySuper of the Year, the 2021 MyChoice Super of the Year and the 2021 Smooth Ride awards. AustralianSuper Personal Plan caters to members who are self-employed as sole traders or as a partner in a partnership, or who are not currently in paid employment.AustralianSuper offers a range of 11 investment options to choose from, consisitng of 6 Pre-Mixed and 5 DIY Mix investment options, including a Socially Aware option for the ethical investor. Access to Term Deposits, ETFs, LICs and ASX300 Shares is also provided via the Member Direct option; however, additional costs may be incurred. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2020.Fees for the Balanced option are lower than the industry average across all account balances assessed. The fund does not charge a buy-sell spread or a switching fee. A full suite of insurance cover, including Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance cover is available to members upon application. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30- or 60-day waiting period. Members can further apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting.AustralianSuper provides members with access to a range of online fact sheets, interactive tools and calculators, educational videos and webinars. The fund's member online account further allows members to view and update their account details, as well as perform transactions.

Features and Fees

AustralianSuper 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

$138

Administration fee (%)

0.04%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

Exit fee

$0

Pros and Cons

  • Strong long-term performance and low fees
  • Flexible investment choice - 11 options and the Member Direct option
  • Digital join process online and Mobile App available

AustralianSuper is a multi-industry public offer fund that manages over $180 billion in assets on behalf of more than 2.4 million members, making it one of the largest industry superannuation funds in Australia. The fund was a joint winner of the 2021 Net Benefit award and was also nominated as a finalist of the 2021 MySuper of the Year, the 2021 MyChoice Super of the Year and the 2021 Smooth Ride awards. AustralianSuper Personal Plan caters to members who are self-employed as sole traders or as a partner in a partnership, or who are not currently in paid employment.AustralianSuper offers a range of 11 investment options to choose from, consisitng of 6 Pre-Mixed and 5 DIY Mix investment options, including a Socially Aware option for the ethical investor. Access to Term Deposits, ETFs, LICs and ASX300 Shares is also provided via the Member Direct option; however, additional costs may be incurred. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2020.Fees for the Balanced option are lower than the industry average across all account balances assessed. The fund does not charge a buy-sell spread or a switching fee. A full suite of insurance cover, including Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance cover is available to members upon application. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30- or 60-day waiting period. Members can further apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting.AustralianSuper provides members with access to a range of online fact sheets, interactive tools and calculators, educational videos and webinars. The fund's member online account further allows members to view and update their account details, as well as perform transactions.

Read More

AustralianSuper 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

$138

Administration fee (%)

0.04%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

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
BALANCED
CONSERVATIVE BALANCE
DIVERSIFIED FIXED INTEREST
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
CAPITAL STABLE
PROPERTY
CASH
+ View additional option performance information
Past 5-year return
7.61%
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
7.61%
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum7 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexMySuper of the Year Finalist
Go to site
More details
Past 5-year return
New
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum5 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
7.61%
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
7.61%
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum7 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details

FAQs

What is lost 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.

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

How long after divorce can you claim superannuation?

You or your partner could be forced to surrender part of your superannuation if you divorce, just like with other assets.

You can file a claim for division of property – including superannuation – as soon as you divorce. However, the claim has to be filed within one year of the divorce.

Your superannuation could be affected even if you’re in a de facto relationship – that is, living together as a couple without being officially married.

In that case, the claim has to be filed within two years of the date of separation.

Either way, the first thing to consider is whether you’re a member of a standard, APRA-regulated superannuation fund or if you’re a member of a self-managed superannuation fund (SMSF), because different rules apply.

Standard superannuation funds

If your relationship breaks down, your superannuation savings might be divided by court order or by agreement.

The rules of the superannuation fund will dictate whether this transfer happens immediately, or in the future when the person who has to make the transfer is allowed to access the rest of their superannuation (i.e. at or near retirement).

Click here for more information.

SMSFs

If your relationship breaks down, you must continue to observe the trust deed of your SMSF.

So if you and your partner are both members of the same SMSF, neither party is allowed to use the fund to inflict ‘punishment’ – such as by excluding the other party from the decision-making process or refusing their request to roll their money into another superannuation fund.

This no-punishment rule applies even if the two parties are involved in legal proceedings.

Click here for more information.

Financial consequences

Superannuation funds often charge a fee for splitting accounts after a relationship breakdown.

Splitting superannuation can also impact the size of your total super balance and how your super is taxed.

Click here for more information.

Can I choose a superannuation fund or does my employer choose one for me?

Most people can choose their own superannuation fund. However, you might not have this option if you are a member of certain defined benefit funds or covered by certain industrial agreements. If you don’t choose a superannuation fund, your employer will choose one for you.

When did superannuation start in Australia?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

What are reportable employer superannuation contributions?

Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.

Am I entitled to superannuation if I'm a part-time employee?

As a part-time employee, you’re 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

What superannuation details do I give to my employer?

When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You should also provide your tax file number – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

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 will the superannuation fund do with my money?

Your money will be invested in an investment option of your choosing.

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

How much extra superannuation can I add to my fund?

There is an annual limit of $25,000 for concessional contributions – that is, money paid by your employer and extra money you pay into your account through salary sacrificing. There is also a limit on non-concessional contributions. Australians aged between 65 and 74 have a limit of $100,000 per year. Australians aged under 65 have a limit of $300,000 every three years.

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

What is superannuation?

Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.

Am I entitled to superannuation if I'm a contractor?

As a contractor, you’re entitled to superannuation if:

  • The contract is mainly for your labour
  • 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

Please note that you’re entitled to superannuation even if you have an Australian business number (ABN).

What is salary sacrificing?

A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.

How much superannuation do I need?

According to the Association of Superannuation Funds of Australia (ASFA), here is how much you would be able to spend per week during retirement:

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 can I keep track of my superannuation?

Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.

What compliance obligations does an SMSF have?

SMSFs must maintain comprehensive records and submit to annual audits.

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.