GuildSuper - MySuper
- Last updated on 10 Jul 2020
QSuper Lifetime
Pay no transaction or switching fees and enjoy a range of different investment options
$115
$590
GuildSuper was established to service the retirement needs of members from the pharmacy sector, veterinary and allied health industries. The fund is a public offer fund and allows members from all industries to apply for membership.GuildSuper offers a Lifestage option as default, which automatically transitions between up to 3 Lifestage investments, reducing the allocation to growth investments as the member approaches retirement. The Growing Lifestage option underperformed 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.GuildSuper'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 with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30, 60 or 90 day waiting period. The fund offers a range of educational materials through the Learning Centre, as well as online consolidation services. Members may also register for SUPERSUPER, a rewards program that provides super contributions directly into their account each time they shop at participating retailers.
Admin fee $115 | Health insurance |
Administration fee (%) 0.15% | Binding nominations |
Indirect cost ratio (%) 0.16% | 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 0.64% | 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 | |
|---|---|---|---|---|---|---|---|---|
New Fund | $95 | GuildSuper - MyMix | $1k | Advisory services Death insurance Income protection Online access Term deposits Variety of options |  | More details | ||
New Fund | $115 | GuildSuper - MySuper | $590 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
New Fund | $95 | Child Care Super - MyMix | $1k | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
New Fund | $115 | Child Care Super - MySuper | $590 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details |
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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
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
Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.
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 |
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.
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.
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 |
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
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