Catholic Super Catholic Super - Default Strategy | Review & Compare Superannuation

Super summary
Fees & fund features
Performance
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Past 5-year return

8.19%

Admin fee

$94

Calculated Fees on 50k

$769

SuperRatings awards

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Trusted financial advice from in-house salaried financial planners

Dedicated service team for members and employers open weekdays to 8pm

Generous insurance with a dedicated MyLife MyInsurance website

Local offices with Superannuation Specialists and Financial Advisers

Catholic Super is a division of the MyLifeMyMoney Superannuation Fund and was established in 1971 to offer superannuation for the employed and the self-employed. The fund’s MySuper offering; the Default Strategy, is a lifecycle investment option where the member's investments are allocated into the existing Aggressive (MySuper) option up to age 50, while slowly transitioning into the Balanced (MySuper) option by age 53. Switches between the two MySuper options happen automatically within 3 months of the member's relevant birthdate. The Balanced (MySuper) option has outperformed the relevant SuperRatings Index over each time period assessed to 30 June 2018.Fees are higher than the industry average across medium and large account balances assessed. No fees are charged for switching investments; however, withdrawal and exit fees apply. A full suite of insurance cover is offered, with Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance cover automatically provided to eligible members upon joining the fund. Members can apply to increase their Death and TPD cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection with a benefit period of 5 years, to age 65 or to age 70, covering up to 85% of salary, is available following a 30 or 60 day waiting period. Catholic Super provides members with access to a free seminar program, as well as a range of online calculators and fact sheets. The fund's secure online facility, MyLife Online, further allows members to view and update account details and perform transactions.

Fees & fund features

Admin fee	Admin fee $94
Administration fee (%)	Administration fee (%) 0.18%
Indirect Cost Ratio (%)	Indirect Cost Ratio (%) 0.45%
Exit fee	Exit fee $35
Financial planning service	Financial planning service
Credit cards	Credit cards
Insurance life event increases	Insurance life event increases
Investment fee	Investment fee 0.72%
Account size discount	Account size discount
Health insurance	Health insurance
Binding nominations	Binding nominations
Anti-detriment payments	Anti-detriment payments
Switching fee	Switching fee $0
Employer size discount	Employer size discount
Home loans	Home loans
Non-lapsing binding nominations	Non-lapsing binding nominations
Long term income protection	Long term income protection

Admin fee	Admin fee $94
Administration fee (%)	Administration fee (%) 0.18%
Indirect Cost Ratio (%)	Indirect Cost Ratio (%) 0.45%
Exit fee	Exit fee $35
Financial planning service	Financial planning service
Credit cards	Credit cards

Insurance life event increases	Insurance life event increases
Investment fee	Investment fee 0.72%
Account size discount	Account size discount
Health insurance	Health insurance
Binding nominations	Binding nominations
Anti-detriment payments	Anti-detriment payments

Switching fee	Switching fee $0
Employer size discount	Employer size discount
Home loans	Home loans
Non-lapsing binding nominations	Non-lapsing binding nominations
Long term income protection	Long term income protection

Fund fees vs. Industry average

Fund past-5-year return vs. Industry average

Investment allocation

Investment option performance

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Product	Past 5-year return	Admin fee	Past 5-year return	Calculated Fees on 50k	Features	SuperRatings awards	Go To Site

Catholic Super - Default Strategy	Past 5-year return 8.19%	Admin fee $94	Past 5-year return 8.19%	Calculated Fees on 50k $769	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details
Catholic Super	Past 5-year return 8.19%	Admin fee $94	Past 5-year return 8.19%	Calculated Fees on 50k $769	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details
Catholic Super - Personal Plan	Past 5-year return 8.19%	Admin fee $94	Past 5-year return 8.19%	Calculated Fees on 50k $769	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details

FAQs

What is MySuper?

MySuper accounts are basic, low-fee accounts. If you don’t nominate a superannuation fund, your employer must choose one for you that offers a MySuper account.

MySuper accounts offer two investment options:

Single diversified investment strategy

Your fund assigns you a risk strategy and investment profile, which remain unchanged throughout your working life.

Lifecycle investment strategy

Your fund assigns you an investment strategy based on your age, and then changes it as you get older. Younger workers are given strategies that emphasise growth assets

Details

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.

Details

What is a superannuation fund?

A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:

Retail funds
Industry funds
Public sector funds
Corporate funds
Self-managed super funds

Retail funds are usually run by banks or investment companies.

Industry funds were originally designed for workers from a particular industry, but are now open to anyone.

Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.

Corporate funds are arranged by employers for their employees.

Self-managed super funds are private superannuation funds that allow people to directly invest their money.

Details

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.

Details

How do you access superannuation?

Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:

Lump sum
Account-based pension
Part lump sum and part account-based pension

However, please note that your superannuation fund will only be able to make a payout if 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

The preservation age has six different categories:

Date of birth	Preservation age
Before 1 July 1960	55
1 July 1960 – 30 June 1961	56
1 July 1961 – 30 June 1962	57
1 July 1962 – 30 June 1963	58
1 July 1963 – 30 June 1964	59
From 1 July 1964	60

There are also seven special circumstances under which you can claim your superannuation:

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

Details

Catholic Super - Default Strategy