Club Plus Super - MySuper
- Last updated on 06 Apr 2020
QSuper Lifetime
Pay no transaction or switching fees and enjoy a range of different investment options
$94
$574
Club Plus Super was established to service the retirement needs of members employed in the Club industry within NSW and ACT and is MySuper compliant. The fund is a public offer fund and allows members from all industries to apply for membership.The MySuper option is the fund's default investment option, whilst choice members may also select from a range of Diversified and Single Sector options. The MySuper option outperformed the relevant SuperRatings Index over the 5 years to 30 June 2019.Fees are lower than the industry average across all account balances assessed. The fund does not charge switching fees, although a buy-sell spread may apply.Club Plus Super's insurance offering allows eligible members to apply for up to $5 million of Death cover and up to $3 million of TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection is available with a 2 year benefit period covering up to 99.5% of salary, following a 21, 45 or 90 day waiting period. Long Term Income Protection to age 65 covering 84.5% of salary is available with a 2 year waiting period.The fund provides financial advice through Club Plus Financial Planning and offers low cost banking through ME Bank. The secure online facility; MemberAccess, allows members to view and update account details, as well as perform transactions.
Admin fee $94 | Health insurance |
Administration fee (%) 0.2% | Binding nominations |
Indirect cost ratio (%) | Anti-detriment payments |
Exit fee $0 | Switching fee $0 |
Financial planning service | Employer size discount |
Credit cards | Home loans |
Insurance life event increases | Non-lapsing binding nominations |
Investment fee 0.76% | Long term income protection |
Account size discount |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return | Admin fee | Company | Calc fees on 50k | Features | SuperRatings awards | Go to site | |
|---|---|---|---|---|---|---|---|---|
8.23% | $94 | Club Plus Personal | $574 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |   | More details | ||
8.23% | $94 | Club Plus Super - MySuper | $574 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
8.23% | $94 | Club Plus Superannuation | $574 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |  | More details |
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FAQs
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.
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
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.
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 |
The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you 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 |
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 |
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
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.
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.
First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.
Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.