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Prime Super Health Division

Past 5-year return
New fund
Admin fee
$80
Calculated Fees on 50k
$679
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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
Established in 1996, Prime Super is a not-for-profit industry super fund dedicated to servicing the retirement needs of members located in rural and regional Australia. The fund caters to a diverse range of sectors including farming, agricultural, health and aged care as well as recruitment, with membership now open to the general public. The Health division suit members working in health, aged care and related sectors.The Health division offers members a choice of 5 Pre-Mixed and 5 Single-Sector investment options. The default MySuper option outperformed the SuperRatings Index over the 7 year period to 30 June 2018.Fees are lower than the industry average across all account balances assessed, and the asset-based administration fee does not apply on account balances in excess of $100,000. Furthermore, no fees apply for investment switches or withdrawals.Prime Super offers members access to a suite of insurance products, with default Death, Total and Permanent Disablement (TPD) and Income Protection (IP) cover automatically provided to eligible members upon joining the fund. Members can apply to increase their Death and TPD cover within 60 days from the date of their Welcome letter, or following the occurrence of a prescribed Life Event, without additional underwriting. Income protection (IP) insurance provides a regular income of up to $30,000 per month or 85% of salary, with a maximum benefit period of 2 years and a choice of 30, 60 or 90 day waiting period. A range of online resources, including calculators and factsheets are available through the fund's website. Prime Super's secure online facility; MemberOnline, allows members to view and update their account details as well as perform transactions. Full financial planning services are offered by Link Advice on a fee-for-service model.
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Fees & fund features

Admin fee
Admin fee
$80
Administration fee (%)
Administration fee (%)
0.59%
Indirect Cost Ratio (%)
Indirect Cost Ratio (%)
Exit fee
Exit fee
$0
Financial planning service
Financial planning service
Credit cards
Credit cards
Insurance life event increases
Insurance life event increases
Investment fee
Investment fee
0.61%
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
$80
Administration fee (%)
Administration fee (%)
0.59%
Indirect Cost Ratio (%)
Indirect Cost Ratio (%)
Exit fee
Exit fee
$0
Financial planning service
Financial planning service
Credit cards
Credit cards
Insurance life event increases
Insurance life event increases
Investment fee
Investment fee
0.61%
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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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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