Club Plus Superannuation

Club Plus Superannuation

Past 5-year return
6.59%
Admin fee

$94

Calc fees on 50k

$629

SuperRatings awards
MyChoice Platinum10 Year Platinum PerformanceSR50 Cash Index
Past 5-year return
6.59%
Admin fee

$94

Calc fees on 50k

$629

SuperRatings awards
MyChoice Platinum10 Year Platinum PerformanceSR50 Cash Index

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

Pros and Cons

Pros and Cons

  • Run for members, one of Australia's best value super funds.
  • Service orientated, regionally based member service team.
  • Range of educational services available - free seminars to financial advice.
  • Understand the value of community and support the club industry.
  • Diverse range of investment options - pooled and direct investment available.
  • Pension and Transition to Retirement available for members approaching retirement age.

Summary

Club Plus Super was established in 1987 to provide for the retirement needs of members employed in the Club industry within NSW and ACT. The fund is a public offer fund and allows members from all industries to apply for membership.Club Plus Super offers an investment menu of 4 Diversified options and 3 Single Sector options. The MySuper option underperformed the relevant SuperRatings Index over the 1- and 10-year periods to 30 June 2020 although it outperformed over the other time periods assessed.Fees are higher than the industry average across medium and large account balances assessed. The fund does not charge switching fees and a buy-sell spread currently does not 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.

Features and Fees

Club Plus Superannuation 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

$94

Administration fee (%)

0.2%

Switching fee

$0

Investment fee

0.87%

Indirect cost ratio (%)

Exit fee

$0

Pros and Cons

  • Run for members, one of Australia's best value super funds.
  • Service orientated, regionally based member service team.
  • Range of educational services available - free seminars to financial advice.
  • Understand the value of community and support the club industry.
  • Diverse range of investment options - pooled and direct investment available.
  • Pension and Transition to Retirement available for members approaching retirement age.

Club Plus Super was established in 1987 to provide for the retirement needs of members employed in the Club industry within NSW and ACT. The fund is a public offer fund and allows members from all industries to apply for membership.Club Plus Super offers an investment menu of 4 Diversified options and 3 Single Sector options. The MySuper option underperformed the relevant SuperRatings Index over the 1- and 10-year periods to 30 June 2020 although it outperformed over the other time periods assessed.Fees are higher than the industry average across medium and large account balances assessed. The fund does not charge switching fees and a buy-sell spread currently does not 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.

Read More

Club Plus Superannuation 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

$94

Administration fee (%)

0.2%

Switching fee

$0

Investment fee

0.87%

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
HIGH GROWTH
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
CAPITAL STABLE
CASH
+ View additional option performance information
Past 5-year return
6.59%
Admin fee

$94

Company
Club Plus Superannuation
Calc fees on 50k

$629

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum10 Year Platinum PerformanceSR50 Cash Index
Go to site
More details
Past 5-year return
6.59%
Admin fee

$94

Company
Club Plus Superannuation
Calc fees on 50k

$629

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum7 Year Platinum Performance
Go to site
More details
Past 5-year return
6.59%
Admin fee

$94

Company
Club Plus Superannuation
Calc fees on 50k

$629

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum10 Year Platinum PerformanceSR50 Cash Index
Go to site
More details

FAQs

When did superannuation start?

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.

How can I increase my superannuation?

You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.

How do you open a superannuation account?

Opening a superannuation account is simple. 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 might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

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 is superannuation?

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

How is superannuation regulated?

The Australian Prudential Regulation Authority (APRA) regulates ordinary superannuation accounts. Self-managed superannuation funds (SMSFs) are regulated by the Australian Taxation Office.

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.

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

 

Is superannuation compulsory?

Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.

What happens to my insurance cover if I change superannuation funds?

Some superannuation funds will allow you to transfer your insurance cover, without interruption, if you switch. However, others won’t. So it’s important you check before changing funds.

How do you create a superannuation account?

Before you create a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.

Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.

Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).

Can my employer use money from my superannuation account?

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

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 fees do superannuation funds charge?

Superannuation funds can charge a range of fees, including:

  • Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
  • Administration fees – to cover the cost of managing your account
  • Advice fees – for personal investment advice
  • Buy/sell spread fees – when you make contributions, switches and withdrawals
  • Exit fees – when you close your account
  • Investment fees – to cover the cost of managing your investments
  • Switching fees – when you choose a new investment option within the same fund

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.

Am I entitled to superannuation if I'm a casual employee?

As a casual 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.

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 the age pension's age rules?

Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:

Date Eligibility age
1 July 2019 66 years
1 July 2021 66 years and 6 months
1 July 2023 67 years

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.