$84
$924

Based on your details, you can compare and save on the following superannuation
Pros and Cons
Pros and Cons
- 11 multi-manager investment options.
- Offers both employer and personal plans.
- Auto rebalance to automatically keep asset allocation in line with nominated investment strategy.
Summary
Established in 1989, Perpetual Select Super Plan is designed for both employee and personal members wanting an easy to use superannuation fund. Perpetual Select Super members have access to 5 Diversified and 6 Single-Sector investment options. The Balanced option underperformed the SuperRatings Index over all assessed time periods to 30 June 2020.Fees associated with this product are higher than the industry average across all account balances assessed. However, base fee rebates are applicable on account balances over $280,000, and further rebates apply for balances greater than $900,000. There are no investment switching fees charged, although changing investment options may incur transactional costs.Perpetual Select Super provides members with access to a full suite of insurance cover. There is no limit to the amount of Death only cover a member can apply for, while Death & TPD cover is available up to a maximum of $5 million. Increases in Death and/or TPD cover are also available to eligible members upon the occurrence of certain life events without medical evidence. Income Protection covers up to 85% (inclusive of 10% superannuation contributions) of a member’s salary and is offered over a 2 year, 5 year or to age 65 benefit period, with a waiting period of 30, 60 or 90 days.Perpetual's website is easy to navigate and mobile responsive, featuring a News and Insights centre, which contains regular investment market updates, product news, topical research and other educational information.
Features and Fees
Perpetual 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 $84 | Administration fee (%) 0.2% |
Switching fee $0 | Investment fee 1.48% |
Indirect cost ratio (%) | Exit fee $0 |
Pros and Cons
- 11 multi-manager investment options.
- Offers both employer and personal plans.
- Auto rebalance to automatically keep asset allocation in line with nominated investment strategy.
Established in 1989, Perpetual Select Super Plan is designed for both employee and personal members wanting an easy to use superannuation fund. Perpetual Select Super members have access to 5 Diversified and 6 Single-Sector investment options. The Balanced option underperformed the SuperRatings Index over all assessed time periods to 30 June 2020.Fees associated with this product are higher than the industry average across all account balances assessed. However, base fee rebates are applicable on account balances over $280,000, and further rebates apply for balances greater than $900,000. There are no investment switching fees charged, although changing investment options may incur transactional costs.Perpetual Select Super provides members with access to a full suite of insurance cover. There is no limit to the amount of Death only cover a member can apply for, while Death & TPD cover is available up to a maximum of $5 million. Increases in Death and/or TPD cover are also available to eligible members upon the occurrence of certain life events without medical evidence. Income Protection covers up to 85% (inclusive of 10% superannuation contributions) of a member’s salary and is offered over a 2 year, 5 year or to age 65 benefit period, with a waiting period of 30, 60 or 90 days.Perpetual's website is easy to navigate and mobile responsive, featuring a News and Insights centre, which contains regular investment market updates, product news, topical research and other educational information.
Read More
Perpetual 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 $84 | Administration fee (%) 0.2% |
Switching fee $0 | Investment fee 1.48% |
Indirect cost ratio (%) | 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 3.95% | Admin fee $84 | Company ![]() | Calc fees on 50k $924 | 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 3.59% | Admin fee $0 | 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 |
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FAQs
What is the age pension's income test?
These are the rules for most people who want to claim the standard pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 50 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 50 cents for each dollar over $300
These are the rules for most people who want to claim the transitional pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 40 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 40 cents for each dollar over $300
For most people, the age pension cuts off if your fortnightly income exceeds these thresholds:
Category | Fortnightly income |
---|---|
Standard pension for singles | $1,944.60 |
Standard pension for couples living together | $2,978.40 |
Standard pension for couples living apart due to ill health | $3,853.20 |
Transitional pension for singles | $2,038.00 |
Transitional pension for couples living together | $3,317.00 |
Transitional pension for couples living apart due to ill health | $4,040.00 |
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.
How is superannuation calculated?
Superannuation is calculated at the rate of 9.5 per cent of your gross salary and 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.
The ‘superannuation guarantee’, as it is known, has been 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.
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 is lost 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.
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 lost superannuation funds?
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.
How do you calculate superannuation?
Superannuation is calculated at the rate of 9.5 per cent of your gross salary and 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.
The ‘superannuation guarantee’, as it is known, has been 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 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.
How much is superannuation?
Superannuation 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 ‘superannuation guarantee’, as it is known, has been 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.
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.
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.
What compliance obligations does an SMSF have?
SMSFs must maintain comprehensive records and submit to annual audits.
Can I carry on a business in an SMSF?
SMSFs are allowed to carry on a business under two conditions.
First, this must be permitted under the trust deed.
Second, the sole purpose of the business must be to earn retirement benefits.
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 will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
Can I buy a house with my superannuation?
First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.
Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.
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 |
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
How much superannuation should I have?
The amount of superannuation you need to have at retirement is based on how much money you would expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.
The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:
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 |