Meat Industry Employees’ Superannuation Fund Meat Industry Employees Superannuation Fund - MySuper | Review & Compare Superannuation

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Fees & fund features
Performance
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Past 5-year return

New fund

Admin fee

$92

Calculated Fees on 50k

$342

SuperRatings awards

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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.

MIESF is an accumulation superannuation fund that was established over 30 years ago to provide superannuation to employees in the meat industry.The fund's MySuper offering comprises a single diversified investment option, MIESF MySuper, MIESF's choice members also have access to another Diversified investment option. The MIESF MySuper option (where data has been available) has underperformed the relevant SuperRatings Index.The fund offers a competitive fee structure, with fees lower than the industry average across all assessed account balances. Members are not charged an investment switching fee or buy/sell spread; however, an exit fee does apply.MIESF provides Death and Total and Permanent Disablement (TPD) insurance cover to all eligible members. New members will have their death cover restricted to $100,000 until one year after the Fund receives their first employer contribution. Income Protection (IP) insurance is not available through this fund. Due to limited information and the linked nature of the Death and TPD cover in the fund SuperRatings is unable to complete a comparative analysis of the insurance cover provided. Refer to the insurance guide for more detailed information on the insurance provided.The fund provides occasional newsletters to members and has some education tools available on the website. Overall this is a low cost fund that provides relatively limited additional benefits to members.

Fees & fund features

Admin fee	Admin fee $92
Administration fee (%)	Administration fee (%) 0.00%
Indirect Cost Ratio (%)	Indirect Cost Ratio (%)
Exit fee	Exit fee $41
Financial planning service	Financial planning service
Credit cards	Credit cards
Insurance life event increases	Insurance life event increases
Investment fee	Investment fee 0.50%
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 $92
Administration fee (%)	Administration fee (%) 0.00%
Indirect Cost Ratio (%)	Indirect Cost Ratio (%)
Exit fee	Exit fee $41
Financial planning service	Financial planning service
Credit cards	Credit cards

Insurance life event increases	Insurance life event increases
Investment fee	Investment fee 0.50%
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

Fund fees vs. Industry average

Fund past-5-year return vs. Industry average

Investment allocation

Investment option performance

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Product	Past 5-year return	Admin fee	Past 5-year return	Calculated Fees on 50k	Features	SuperRatings awards	Go To Site

Meat Industry Employees Superannuation Fund - MySuper	Past 5-year return New fund	Admin fee $92	Past 5-year return New fund	Calculated Fees on 50k $342	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details
Meat Industry Employees Superannuation Fund	Past 5-year return New fund	Admin fee $92	Past 5-year return New fund	Calculated Fees on 50k $342	Features Advisory services Death insurance Income protection Online access Term deposits Variety of options	SuperRatings awards	More Info Compare	More details

FAQs

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

Details

What is a superannuation fund?

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.

Details

How long after divorce can you claim superannuation?

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.

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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.

Details

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

Details

What are reportable superannuation contributions?

Meat Industry Employees Superannuation Fund - MySuper