Commonwealth Essential Super

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 and allows members from all industries to apply for membership.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 7 lifestage investment options, and increases the allocation to defensive asset classes as they get older.The 1960s Lifestage option underperformed the relevant SuperRatings Index over the 5 years to 30 June 2018.Fees are lower than the industry average across all account balances assessed. There are no switching or exit fees, 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.