$117
$542

Based on your details, you can compare and save on the following superannuation
Pros and Cons
Pros and Cons
- Extensive Investment menu, fee discounts, competitive insurance.
- Clearing house facility available to eligible employers.
- Online access to update account details, trade in equities and switch managed funds.
- Ability to maintain membership regardless of work status.
- Dedicated account manager for large employer groups.
Summary
IOOF Employer Super is a Division of the IOOF Portfolio Service Superannuation Fund and is a lifetime portable super solution that provides members with extensive choice and flexible features.Choice members have access to a range of ready-made portfolios, managed investments, listed investments and term deposits. The fund's MySuper offering comprises a single diversified investment option, the IOOF Balanced Investor Trust. The IOOF Balanced Investor Trust outperformed the SuperRatings Index over the 1- and 3-year periods to 30 June 2020; however, underperformed over the 5-year period.Fees are lower than the industry average across medium and large account balances assessed. Members can switch investment options without incurring a switching fee, although, a buy-sell spread may apply. A full suite of insurance cover is offered, with Death and Total & Permanent Disablement (TPD) cover automatically provided to eligible members on a Default or Customised cover basis as nominated by their employer. Income Protection (IP) 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. Members can apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. A range of online tools, calculators and educational resources are available through the fund's website. IOOF Online allows members to view and update account details as well as perform transactions, including switching investments. Members have access to financial advice provided by IOOF Investment Management Limited directly or through numerous adviser groups.
Features and Fees
IOOF 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 $117 | Administration fee (%) 0.35% |
Switching fee $0 | Investment fee |
Indirect cost ratio (%) 0.5% | Exit fee $0 |
Pros and Cons
- Extensive Investment menu, fee discounts, competitive insurance.
- Clearing house facility available to eligible employers.
- Online access to update account details, trade in equities and switch managed funds.
- Ability to maintain membership regardless of work status.
- Dedicated account manager for large employer groups.
IOOF Employer Super is a Division of the IOOF Portfolio Service Superannuation Fund and is a lifetime portable super solution that provides members with extensive choice and flexible features.Choice members have access to a range of ready-made portfolios, managed investments, listed investments and term deposits. The fund's MySuper offering comprises a single diversified investment option, the IOOF Balanced Investor Trust. The IOOF Balanced Investor Trust outperformed the SuperRatings Index over the 1- and 3-year periods to 30 June 2020; however, underperformed over the 5-year period.Fees are lower than the industry average across medium and large account balances assessed. Members can switch investment options without incurring a switching fee, although, a buy-sell spread may apply. A full suite of insurance cover is offered, with Death and Total & Permanent Disablement (TPD) cover automatically provided to eligible members on a Default or Customised cover basis as nominated by their employer. Income Protection (IP) 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. Members can apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. A range of online tools, calculators and educational resources are available through the fund's website. IOOF Online allows members to view and update account details as well as perform transactions, including switching investments. Members have access to financial advice provided by IOOF Investment Management Limited directly or through numerous adviser groups.
Read More
IOOF 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 $117 | Administration fee (%) 0.35% |
Switching fee $0 | Investment fee |
Indirect cost ratio (%) 0.5% | 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 5.92% | Admin fee $180 | Company ![]() | Calc fees on 50k $1.1k | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.92% | Admin fee $180 | Company ![]() | Calc fees on 50k $1.1k | 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 $180 | Company ![]() | Calc fees on 50k $1.1k | 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 $117 | Company ![]() | Calc fees on 50k $542 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Past 5-year return 5.82% | Admin fee $117 | Company ![]() | Calc fees on 50k $542 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.92% | Admin fee $117 | Company ![]() | Calc fees on 50k $817 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 6.34% | Admin fee $117 | Company ![]() | Calc fees on 50k $542 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 6.34% | Admin fee $84 | Company ![]() | Calc fees on 50k $1k | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 6.34% | Admin fee $0 | Company ![]() | Calc fees on 50k $950 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.92% | Admin fee $117 | Company ![]() | Calc fees on 50k $817 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Popular superannuation products
Related articles
Popular superannuation searches
Australia superannuation
Best performing super funds in australia 2018 rate city
Top 10 performing superannuation
Industry superannuation
Top australian superannuation rates
Retail employees trust superannuation
Best superannuation
Lowest fee superannuation
Self managed super funds
Health insurance superannuation
Mysuper superannuation
Investment cash superannuation
Casual employees superannuation
Best performing superannuation
Search superannuation
0 administration fee superannuation
Cheapest superannuation
Retail superannuation
FAQs
How can I withdraw my superannuation?
There are three different ways you can withdraw 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 (also known as an 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 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.
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.
Do I have to pay myself superannuation if I'm self-employed?
No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.
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.
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.
How does the age pension work?
Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.
What is salary sacrificing?
A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.
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.
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 |
How do you calculate superannuation from a total package?
Superannuation is calculated at the rate of 9.5 per cent of your ‘ordinary-time earnings’. (For most people, ordinary-time earnings are their gross annual salary or 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.
As the Australian Taxation Office explains, some items are excluded from ordinary-time earnings. They include:
- Overtime work paid at overtime rates
- Expense allowances that are fully expended
- Expenses that are reimbursed
- Unfair dismissal payments
- Workers’ compensation payments
- Parental leave
- Jury duty
- Defence reserve service
- Unused annual leave when employment is terminated
- Unused long service leave when employment is terminated
- Unused sick leave when employment is terminated
Although the superannuation guarantee is currently at 9.5 per cent, 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.
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
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?
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 you set up superannuation?
Before you set up 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).
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 concessional contributions?
Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.
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
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).