Future Super
- Last updated on 04 Apr 2020
QSuper Lifetime
Pay no transaction or switching fees and enjoy a range of different investment options
$94
$964
The Future Super Fund is the first fossil fuel free super fund in Australia. It aims to provide competitive returns to members while making a positive impact for the environment and society.Future Super offers 3 Diversified investment options with varying levels of exposure to growth and defensive assets for the ethical investor. Environmental, Social and Governance (ESG) considerations are integrated into its investment strategies, and investment decisions are based on regular positive and negative screening processes to ensure that investments are consistent with the fund’s value. While limited performance history is available for this product, the Balanced Impact option outperformed the SuperRatings Index over the year to 30 June 2019.Fees are higher than the industry average across all account balances assessed; however, part of the dollar administration fee can be refunded via the ‘Baby Bump’ program for a maximum of 12 months. Members are entitled to 4 free investment switches per financial year, while a buy/sell spread may apply. Eligible members can opt-in for default Death only or Death and Total & Permanent Disablement (TPD) cover within the first 60 days of joining the fund. Members can apply for an unlimited amount of Death Only cover and up to a maximum of $3 million TPD cover. Income Protection with a benefit period of 2 years, covering up to 75% of salary, is available following a 30, 60 or 90 day waiting period. Members can view their account information, update their details and transact through the secure online member portal. The 'Future Super Blog' features a series of online educational materials which include topics on ethical investment, industry trends as well as member stories.
Admin fee $94 | Health insurance |
Administration fee (%) 0.65% | Binding nominations |
Indirect cost ratio (%) 0.12% | Anti-detriment payments |
Exit fee $0 | Switching fee $55 |
Financial planning service | Employer size discount |
Credit cards | Home loans |
Insurance life event increases | Non-lapsing binding nominations |
Investment fee 0.97% | 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 | |
|---|---|---|---|---|---|---|---|---|
6.32% | $52 | Cruelty Free Super | $997 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
New Fund | $94 | Verve Super | $689 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
New Fund | $94 | Future Super | $964 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
New Fund | $104 | The Grosvenor Pirie Master Superannuation Fund - Series 2 | $979 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |  | More details |
Popular superannuation products
Related articles
Popular superannuation searches
FAQs
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
The preservation age – which is different to the pension 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 |
A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.
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
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.
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
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.
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
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.
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.
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.