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Lutheran Super - Retained Benefit

Past 5-year return
6.85%
Admin fee
$91
Calculated Fees on 50k
$526
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No information was provided by the fund to SuperRatings, Hence an alert rating may be given in areas where a qualitative assessment cannot be made. For available information refer to the fund's PDS.
Lutheran Super is the superannuation fund dedicated to the benefit of employees & former employees of the Lutheran Church of Australia and their spouse. The Retained Benefit section is designed for members who ceased their employment with a Lutheran Church participating employer.The investment menu consists of 8 investment options, including 2 Socially Responsible investment options for the ethical investor. Lutheran Super's Balanced Growth option underperformed the SuperRatings Index over the 10 year period to 30 June 2018.Lutheran Super's fees are competitive and lower than the industry average across all account balances assessed. An exit fee applies for withdrawals, while investment switches are free of charge. Members receive the same level of insurance cover prior to becoming a Retained Benefit member, with a full suite of insurance cover provided, including basic levels of Death and Total & Permanent Disablement (TPD) insurance cover, as well as Standard Income Protection (IP) cover for members working above the minimum required 15 hours per week. IP cover with a benefit period of 2 years, 5 years, to age 65 or to age 67, covering up to 84.5% of salary (including 9.5% super contributions), is available following a 90 day waiting period. Members can apply to increase their Death and TPD cover upon the occurrence of a prescribed life event without additional underwriting.Lutheran Super offers a range of calculators, educational webinars and reporting publications on its website. Members can also access their account online and perform transactions.
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Fees & fund features

Admin fee
Admin fee
$91
Administration fee (%)
Administration fee (%)
0.30%
Indirect Cost Ratio (%)
Indirect Cost Ratio (%)
Exit fee
Exit fee
$125
Financial planning service
Financial planning service
Credit cards
Credit cards
Insurance life event increases
Insurance life event increases
Investment fee
Investment fee
0.57%
Account size discount
Account size discount
Health insurance
Health insurance
Binding nominations
Binding nominations
Anti-detriment payments
Anti-detriment payments
Switching fee
Switching fee
$0
Employer size discount
Employer size discount
Home loans
Home loans
Non-lapsing binding nominations
Non-lapsing binding nominations
Long term income protection
Long term income protection
Admin fee
Admin fee
$91
Administration fee (%)
Administration fee (%)
0.30%
Indirect Cost Ratio (%)
Indirect Cost Ratio (%)
Exit fee
Exit fee
$125
Financial planning service
Financial planning service
Credit cards
Credit cards
Insurance life event increases
Insurance life event increases
Investment fee
Investment fee
0.57%
Account size discount
Account size discount
Health insurance
Health insurance
Binding nominations
Binding nominations
Anti-detriment payments
Anti-detriment payments
Switching fee
Switching fee
$0
Employer size discount
Employer size discount
Home loans
Home loans
Non-lapsing binding nominations
Non-lapsing binding nominations
Long term income protection
Long term income protection
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Fund past-5-year return vs. Industry average
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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

 

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