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$180
$1k

Pros and Cons
Pros and Cons
- Extensive investment menu.
- Competitive insurance offering.
- Ability to contribute via BPAY, cheque or direct debit.
- Online access to update account details, trade in equities and switch managed funds.
Summary
IOOF Personal 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.The Full Menu offers members access to ready-made portfolios, managed funds, listed investments and term deposits. The MultiMix Balanced Growth Trust outperformed the SuperRatings Index over the 1, 3- and 5-year periods to 30 June 2020; however, underperformed over the longer term.Fees are higher than the industry average across all account balances assessed; however, a reduced asset administration fee is applicable on account balances over $250K. Members can switch investment options without incurring a switching fee, although, a buy-sell spread may apply.IOOF Personal Super members can apply for a full suite of insurance cover, including Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance. 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 transferring from IOOF Employer Super have the ability to transfer existing insurance arrangements to IOOF Personal Super.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 $180 | Administration fee (%) 0.7% |
Switching fee $0 | Investment fee |
Indirect cost ratio (%) 1.02% | Exit fee $0 |
Pros and Cons
- Extensive investment menu.
- Competitive insurance offering.
- Ability to contribute via BPAY, cheque or direct debit.
- Online access to update account details, trade in equities and switch managed funds.
IOOF Personal 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.The Full Menu offers members access to ready-made portfolios, managed funds, listed investments and term deposits. The MultiMix Balanced Growth Trust outperformed the SuperRatings Index over the 1, 3- and 5-year periods to 30 June 2020; however, underperformed over the longer term.Fees are higher than the industry average across all account balances assessed; however, a reduced asset administration fee is applicable on account balances over $250K. Members can switch investment options without incurring a switching fee, although, a buy-sell spread may apply.IOOF Personal Super members can apply for a full suite of insurance cover, including Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance. 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 transferring from IOOF Employer Super have the ability to transfer existing insurance arrangements to IOOF Personal Super.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.
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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 $180 | Administration fee (%) 0.7% |
Switching fee $0 | Investment fee |
Indirect cost ratio (%) 1.02% | 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 7.11% | Admin fee $180 | 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 | |
Product | Past 5-year return New | Admin fee $180 | 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 7.11% | Admin fee $180 | 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 | |
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 7.11% | Admin fee $117 | Company ![]() | Calc fees on 50k $802 | 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 6.97% | 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 7.11% | Admin fee $117 | Company ![]() | Calc fees on 50k $802 | 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 7.72% | 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 7.11% | Admin fee $53 | Company ![]() | Calc fees on 50k $1.2k | 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 7.11% | Admin fee $53 | Company ![]() | Calc fees on 50k $1.2k | 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
Is superannuation compulsory?
Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.
Is superannuation paid on unused annual leave?
If your employment is terminated, superannuation will not be paid on unused annual leave.
Can my employer use money from my superannuation account?
No, your employer can’t touch the money that is paid into your superannuation account.
How does superannuation work?
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
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.
How much money do you get on the age pension?
Pension payments can be reduced due to the income test and asset test (see ‘What is the age pension’s income test?’ and ‘What is the age pension’s assets test?’).
Here are the maximum fortnightly payments:
Category |
Single |
Couple each |
Couple combined |
Couple apart due to ill health |
Maximum basic rate |
$808.30 |
$609.30 |
$1,218.60 |
$808.30 |
Maximum pension supplement |
$65.90 |
$49.70 |
$99.40 |
$65.90 |
Energy supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
TOTAL |
$888.30 |
$669.60 |
$1,339.20 |
$888.30 |
What happens if my employer falls behind on my superannuation payments?
The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.
How do you find superannuation?
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.
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 |
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).
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.
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.
When is superannuation payable?
Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.
What is the superannuation rate?
The superannuation rate, or guarantee rate, is the percentage of your salary that your employer must pay into your superannuation fund. The superannuation guarantee has been set 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.
What is MySuper?
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
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).
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.
Is superannuation taxed?
Superannuation is taxed. It 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.
When can I access my superannuation?
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
How much extra superannuation can I add to my fund?
There is an annual limit of $25,000 for concessional contributions – that is, money paid by your employer and extra money you pay into your account through salary sacrificing. There is also a limit on non-concessional contributions. Australians aged between 65 and 74 have a limit of $100,000 per year. Australians aged under 65 have a limit of $300,000 every three years.