Oasis Superannuation Master Trust

Mentor Superannuation Master Trust - Superannuation and Rollovers

Past 5-year return
5.09%
Admin fee

$51

Calc fees on 50k

$928

SuperRatings awards
MyChoice Other
Past 5-year return
5.09%
Admin fee

$51

Calc fees on 50k

$928

SuperRatings awards
MyChoice Other

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • 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.

Summary

Mentor Superannuation Master Trust is a sub-plan of the Oasis Superannuation Master Trust. The superannuation and rollover service is designed for employees, the self-employed or for someone considering rolling over their superannuation savings prior to retirement. The fund is public offer and allows members from all industries to apply for membership.Mentor Superannuation Master Trust offers an extensive investment menu of Diversified options and Single Sector options, as well as access to Direct Equities, Exchange Traded Fund�s (ETFs) and term deposits. The Ventura Growth 70 - Class A option outperformed the relevant SuperRatings Index over the 7 years to 30 June 2019, however underperformed over the shorter term.Fees are higher than the industry average across all account balances assessed; however, fee tiering applies to the administration fee for account balances over $100,000. There are no investment switching fees, although a buy-sell spread may apply.Mentor Superannuation Master Trust Superannuation and Rollover's insurance offering allows eligible members to apply for an unlimited amount 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 or to age 65, covering up to 85% of salary, is available following a 30, 60 or 90 day waiting period. Members receive regular communication and have easy access to up-to-date information through an online service which enables them to view account balances, investment details and general information. Additionally, members have access to an automatic re-weighting facility that allows for eligible investment options to be re-weighted on a quarterly, half yearly or yearly basis.

Features and Fees

Oasis Fees and Features

Features

Variety of options

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

$51

Administration fee (%)

0.86%

Switching fee

$0

Investment fee

0.89%

Indirect cost ratio (%)

Exit fee

$0

Pros and Cons

  • 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.

Mentor Superannuation Master Trust is a sub-plan of the Oasis Superannuation Master Trust. The superannuation and rollover service is designed for employees, the self-employed or for someone considering rolling over their superannuation savings prior to retirement. The fund is public offer and allows members from all industries to apply for membership.Mentor Superannuation Master Trust offers an extensive investment menu of Diversified options and Single Sector options, as well as access to Direct Equities, Exchange Traded Fund�s (ETFs) and term deposits. The Ventura Growth 70 - Class A option outperformed the relevant SuperRatings Index over the 7 years to 30 June 2019, however underperformed over the shorter term.Fees are higher than the industry average across all account balances assessed; however, fee tiering applies to the administration fee for account balances over $100,000. There are no investment switching fees, although a buy-sell spread may apply.Mentor Superannuation Master Trust Superannuation and Rollover's insurance offering allows eligible members to apply for an unlimited amount 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 or to age 65, covering up to 85% of salary, is available following a 30, 60 or 90 day waiting period. Members receive regular communication and have easy access to up-to-date information through an online service which enables them to view account balances, investment details and general information. Additionally, members have access to an automatic re-weighting facility that allows for eligible investment options to be re-weighted on a quarterly, half yearly or yearly basis.

Read More

Oasis Fees and Features

Features

Variety of options

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

$51

Administration fee (%)

0.86%

Switching fee

$0

Investment fee

0.89%

Indirect cost ratio (%)

Exit fee

$0
Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
+ View additional option performance information
Product
Past 5-year return
Admin fee
Company
Calc fees on 50k
Features
SuperRatings awards
Go to site
4.92%

$800

Oasis Superannuation Master Trust

$1.2k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Other
More details
4.92%

$650

Oasis Superannuation Master Trust

$1.1k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Other
More details
5.09%

$51

Oasis Superannuation Master Trust

$928

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Other
More details
7.40%

$275

Oasis Superannuation Master Trust

$720

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Other
More details
4.83%

$615

Oasis Superannuation Master Trust

$1.1k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Other
More details

FAQs

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 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 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.

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 not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

What are personal contributions?

A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.

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.

How much superannuation do I need?

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

What are reportable superannuation contributions?

For employees, there are two types of reportable superannuation contributions:

  • Reportable employer super contributions your employer makes for you
  • Personal deductible contributions you make for yourself

How does superannuation affect the age pension?

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.

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.

What are government co-contributions?

A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.

What are the risks and challenges of an SMSF?

  • SMSFs have high set-up and running costs
  • They come with complicated compliance obligations
  • It takes a lot of time to research investment options
  • It can be difficult to make such big financial decisions

How do I change my superannuation fund?

Changing superannuation funds is a common and straightforward process. You can do it through your MyGov account or by filling out a rollover form and sending it to your new fund. You’ll also have to provide proof of identity.

When did superannuation start in Australia?

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 should I know before getting an SMSF?

Four questions to ask yourself before taking out an SMSF include:

  1. Do I have enough superannuation to justify the higher set-up and running costs?
  2. Am I able to handle complicated compliance obligations?
  3. Am I willing to spend lots of time researching investment options?
  4. Do I have the skill to make big financial decisions?

It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.

How do you create a superannuation account?

Before you create 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).

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

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.

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.