Russell Investments

Russell iQ Super - Employer

Past 5-year return
7.36% p.a
Admin fee

$78

Calc fees on 50k

$646

SuperRatings awards
MyChoice Gold
Past 5-year return
7.36% p.a
Admin fee

$78

Calc fees on 50k

$646

SuperRatings awards
MyChoice Gold

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

Pros and Cons

Pros and Cons

  • Significant member education functions and online learning centre.
  • Free employer seminars.
  • Flexible insurance options.
  • External financial advice solution
  • Specialist general advice call centre team.
  • Unique pension solution combining super, pension and banking.
  • Data mining tool updated daily for better segmentation and client relationship management.

Summary

Russell iQ Super is offered by Russell Investments, a leading global asset manager. Russell iQ Super Employer caters for people who are in an employer-sponsored plan. Employer plans may have certain features that differ from employer to employer, including the availability of investment choice, fees and insurance needs.Russell iQ Super offers an investment menu of 8 Diversified options and 14 Single Sector options. A lifecyle option, GoalTracker, was launched in March 2020 and performance data for this option is currently unavailable. The Balanced Growth option outperformed the relevant SR index over the year to 30 June 2020 although it underperformed over the long term.Fees for iQ Super Employer are difficult to assess, as they are tailored to each employer plan and may vary substantially and in some cases fees may be paid for by the employer. Based on publicly available information, fees are higher than the industry average across all account balances assessed.Russell offers a full suite of insurance cover, including unlimited Death Only cover, Total & Permanent Disablement (TPD) cover up to a maximum of $3 million and Income Protection up to 75% of salary. Insurance cover and design is also tailored to meet employers' needs and may vary from plan to plan, therefore premium rates provided here are indicative only. A range of online tools, calculators and educational resources are available through the fund's website. Further, members can view and update account details, as well as perform transactions through secure online account access.

Features and Fees

Russell Investments 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

$78

Administration fee (%)

0.29%

Switching fee

$0

Investment fee

0.64%

Indirect cost ratio (%)

0.21%

Exit fee

$0

Pros and Cons

  • Significant member education functions and online learning centre.
  • Free employer seminars.
  • Flexible insurance options.
  • External financial advice solution
  • Specialist general advice call centre team.
  • Unique pension solution combining super, pension and banking.
  • Data mining tool updated daily for better segmentation and client relationship management.

Russell iQ Super is offered by Russell Investments, a leading global asset manager. Russell iQ Super Employer caters for people who are in an employer-sponsored plan. Employer plans may have certain features that differ from employer to employer, including the availability of investment choice, fees and insurance needs.Russell iQ Super offers an investment menu of 8 Diversified options and 14 Single Sector options. A lifecyle option, GoalTracker, was launched in March 2020 and performance data for this option is currently unavailable. The Balanced Growth option outperformed the relevant SR index over the year to 30 June 2020 although it underperformed over the long term.Fees for iQ Super Employer are difficult to assess, as they are tailored to each employer plan and may vary substantially and in some cases fees may be paid for by the employer. Based on publicly available information, fees are higher than the industry average across all account balances assessed.Russell offers a full suite of insurance cover, including unlimited Death Only cover, Total & Permanent Disablement (TPD) cover up to a maximum of $3 million and Income Protection up to 75% of salary. Insurance cover and design is also tailored to meet employers' needs and may vary from plan to plan, therefore premium rates provided here are indicative only. A range of online tools, calculators and educational resources are available through the fund's website. Further, members can view and update account details, as well as perform transactions through secure online account access.

Read More

Russell Investments 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

$78

Administration fee (%)

0.29%

Switching fee

$0

Investment fee

0.64%

Indirect cost ratio (%)

0.21%

Exit fee

$0

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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
HIGH GROWTH
CONSERVATIVE BALANCE
DIVERSIFIED FIXED INTEREST
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
CAPITAL STABLE
PROPERTY
CASH
+ View additional option performance information
Past 5-year return
7.36% p.a
Admin fee

$78

Company
Russell Investments
Calc fees on 50k

$628

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
-
Admin fee

$78

Company
Russell Investments
Calc fees on 50k

$498

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Gold
Go to site
More details
Past 5-year return
7.36% p.a
Admin fee

$78

Company
Russell Investments
Calc fees on 50k

$628

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
7.36% p.a
Admin fee

$78

Company
Russell Investments
Calc fees on 50k

$646

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
7.36% p.a
Admin fee

$78

Company
Russell Investments
Calc fees on 50k

$646

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details

FAQs

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 do you access superannuation?

Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:

  • Lump sum
  • Account-based pension
  • Part lump sum and part account-based pension

However, please note that your superannuation fund will only be able to make a payout if 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 has 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

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

Is superannuation included in taxable income?

Superannuation is not included when calculating your income tax. So if you have a salary of $50,000, your assessable income would be $50,000, not $50,000 plus superannuation.

That said, superannuation itself is taxed. It is generally taxed at 15 per cent, although if you earn less than $37,000, you will be reimbursed up to $500 of the tax you paid.

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.

How many superannuation funds are there?

There are more than 200 different superannuation funds.

What are my superannuation obligations if I'm an employer?

Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

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.

How do you pay superannuation?

Superannuation is paid by employers to employees. Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

Currently, the superannuation rate is currently 9.5 per cent of an employee’s ordinary time earnings. This 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.

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

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.

What happens to my superannuation when I change jobs?

You can keep your superannuation fund for as long as you like, so nothing happens when you change jobs. Please note that some superannuation funds have special features for people who work with certain employers, so these features may no longer be available if you change jobs.

What will the superannuation fund do with my money?

Your money will be invested in an investment option of your choosing.

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.

What fees do superannuation funds charge?

Superannuation funds can charge a range of fees, including:

  • Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
  • Administration fees – to cover the cost of managing your account
  • Advice fees – for personal investment advice
  • Buy/sell spread fees – when you make contributions, switches and withdrawals
  • Exit fees – when you close your account
  • Investment fees – to cover the cost of managing your investments
  • Switching fees – when you choose a new investment option within the same fund

Who can open a superannuation account?

Superannuation accounts can be opened by Australians, permanent residents and temporary residents. You’re automatically 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

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.

Am I entitled to superannuation if I'm a part-time employee?

As a part-time 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

Do I have to pay myself superannuation if I'm self-employed?

No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.

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.

What is superannuation?

Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.

Am I entitled to superannuation if I'm a contractor?

As a contractor, you’re entitled to superannuation if:

  • The contract is mainly for your labour
  • 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

Please note that you’re entitled to superannuation even if you have an Australian business number (ABN).