$71
$476

Based on your details, you can compare and save on the following superannuation
Pros and Cons
Pros and Cons
- Having your super visible in NetBank means you will never lose track of it again.
- Check your balance and make changes when it suits you.
- Competitive, easy to understand fees.
- Straight-forward lifestage investment options which change with your age.
- Support from our Super Concierge service to help bring all your super accounts together so you can save on fees.
Summary
Commonwealth Essential Super was established in 2013 to service the retirement needs of members from a wide range of industries. The fund is a public offer fund; however, is currently unavailable for new customers. Commonwealth Essential Super investment menu consists of a Balanced option, an Australian Shares option and a Cash option, as well as the Lifestage option that automatically transitions members through 12 lifestage investment options and increases the allocation to defensive asset classes as they get older. The Lifestage 1960-64 option outperformed the relevant SuperRatings Index over the 7-year period to 30 June 2020; however, underperformed across other assessed time periods.Fees are lower than the industry average across all account balances assessed. There is no switching fee, although a buy-sell spread may apply.Commonwealth Essential Super offers eligible members up to $400,000 of Death and Total & Permanent Disability insurance cover. Members have the choice to change or cancel their insurance cover at any time. No income protection is available with this product.Commonwealth Bank members may link their Essential Super account with their bank account and are provided a range of convenient services including transactional functionalities, super consolidation tools and communications directly through NetBank.
Features and Fees
Commonwealth Bank Fees and Features
- Features
- Insurance Cover
- Fees
Features
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 $71 | Administration fee (%) 0.3% |
Switching fee $0 | Investment fee 0.4% |
Indirect cost ratio (%) 0.11% | Exit fee $0 |
Pros and Cons
- Having your super visible in NetBank means you will never lose track of it again.
- Check your balance and make changes when it suits you.
- Competitive, easy to understand fees.
- Straight-forward lifestage investment options which change with your age.
- Support from our Super Concierge service to help bring all your super accounts together so you can save on fees.
Commonwealth Essential Super was established in 2013 to service the retirement needs of members from a wide range of industries. The fund is a public offer fund; however, is currently unavailable for new customers. Commonwealth Essential Super investment menu consists of a Balanced option, an Australian Shares option and a Cash option, as well as the Lifestage option that automatically transitions members through 12 lifestage investment options and increases the allocation to defensive asset classes as they get older. The Lifestage 1960-64 option outperformed the relevant SuperRatings Index over the 7-year period to 30 June 2020; however, underperformed across other assessed time periods.Fees are lower than the industry average across all account balances assessed. There is no switching fee, although a buy-sell spread may apply.Commonwealth Essential Super offers eligible members up to $400,000 of Death and Total & Permanent Disability insurance cover. Members have the choice to change or cancel their insurance cover at any time. No income protection is available with this product.Commonwealth Bank members may link their Essential Super account with their bank account and are provided a range of convenient services including transactional functionalities, super consolidation tools and communications directly through NetBank.
Read More
Commonwealth Bank Fees and Features
- Features
- Insurance Cover
- Fees
Features
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 $71 | Administration fee (%) 0.3% |
Switching fee $0 | Investment fee 0.4% |
Indirect cost ratio (%) 0.11% | Exit fee $0 |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Past 5-year return New | Admin fee $71 | Company ![]() | Calc fees on 50k $476 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Product | Past 5-year return New | Admin fee $71 | Company ![]() | Calc fees on 50k $476 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
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FAQs
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 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.
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.
How do I choose the right superannuation fund?
Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.
So you need to ask yourself these four questions when comparing superannuation funds:
- How many fees would I have to pay and what would they cost?
- What insurances are available and how much would they cost?
- What investment options does it offer? How would they match my risk profile and financial needs?
- How have these investment options performed historically?
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.
What age can I withdraw my superannuation?
You can withdraw your superannuation (or at least some of it) when you reach ‘preservation age’. The preservation age is based on date of birth. Here are the 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 |
When you reach preservation age, you can withdraw all your superannuation if you’re retired. If you’re still working, you can begin a ‘transition to retirement’, which allows you to withdraw 10 per cent of their superannuation each financial year.
You can also withdraw all your superannuation once you reach 65 years.
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 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.
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
Payment type | Is superannuation paid? |
---|---|
Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates | No |
Overtime hours – agreement prevails over award | No |
Agreement supplanting award removes distinction between ordinary hours and other hours | Yes – all hours worked |
No ordinary hours of work stipulated | Yes – all hours worked |
Casual employee: shift loadings | Yes |
Casual employee: overtime payments | No |
Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause | No |
Piece-rates – no ordinary hours of work stipulated | Yes |
Overtime component of earnings based on hourly-driving-rate method stipulated in award | No |
What are my superannuation obligations if I'm an employer?
Employers are required to pay superannuation to all their staff if the staff are:
- Over 18 and earn more than $450 before tax in a calendar month
- Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month
This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.
How many superannuation funds are there?
There are more than 200 different superannuation funds.
How do you calculate superannuation?
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.
How much is superannuation?
Superannuation 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 ‘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.
How do you claim superannuation?
There are three different ways you can claim your superannuation:
- Lump sum
- Account-based pension
- Part lump sum and part account-based pension
Two rules apply if you choose to receive an account-based pension, or income stream:
- You must receive payments at least once per year
- You must withdraw a minimum amount per year
- Age 55-64 = 4%
- Age 65-74 = 5%
- Age 75-79 = 6%
- Age 80-84 = 7%
- Age 85-89 = 9%
- Age 90-94 = 11%
- Age 95+ = 14%
If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.
How do I change my superannuation fund?
Changing superannuation funds is a common and straightforward process. You can do it through your MyGov account or by filling out a rollover form and sending it to your new fund. You’ll also have to provide proof of identity.
What are the age pension's residence rules?
On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:
- You’re exempt from the 10-year rule if you’re a refugee or former refugee
- You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
- You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
- You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia
Is superannuation paid on unused annual leave?
If your employment is terminated, superannuation will not be paid on unused annual leave.
What contributions can SMSFs accept?
SMSFs can accept mandated employer contributions from an employer at any time (Funds need an electronic service address to receive the contributions).
However, SMSFs can’t accept contributions from members who don’t have tax file numbers.
Also, they generally can’t accept assets as contributions from members and they generally can’t accept non-mandated contributions for members who are 75 or older.
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).
How do I combine several superannuation accounts into one account?
The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.