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Russell iQ Super - MySuper

Russell iQ Super - MySuper

No. of members:

82228

Fund size:

$8.3b

Public offer:

Product type:

Master Trust-MySuper

Target market:

All Industries

Year started:

2014

- Last updated on 05 Aug 2020

QSuper Lifetime

Pay no transaction or switching fees and enjoy a range of different investment options

SuperRatings awards

Past 5-year return

5.91%

Access to subsidised financial planning and an award-winning contact centre.Flexible insurance options with coverage to age 70.

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QSuper terms and conditions

Past 5-year return

New Fund

Admin fee

$78

Calc fees on 50k

$368

SuperRatings awards

Significant member education functions and online learning centre.

Free employer seminars.

Flexible insurance options.

External financial advice solution.

Specialist general advice call centre team.

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 MySuper is the fund's default option, whilst choice members may also select from a range of Diversified and Single Sector investment options. The Russell MySuper option underperformed the relevant SuperRatings Index over the 5 years to 30 June 2019.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 medium and large 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.

Russell Investments Fees and Features

Admin fee $78	Health insurance
Administration fee (%) 0.58%	Binding nominations
Indirect cost ratio (%)	Anti-detriment payments
Exit fee $0	Switching fee $0
Financial planning service	Employer size discount
Credit cards	Home loans
Insurance life event increases	Non-lapsing binding nominations
Investment fee	Long term income protection
Account size discount

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

+ View additional option performance information

Now showing 1 - 8 of 8 superannuation

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Product	Past 5-year return	Admin fee	Company	Calc fees on 50k	Features
Russell iQ Super - Saver	4.09%	$78	Russell iQ Super - Saver	$606	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details
Nationwide Super - Employer Sponsored Division	New Fund	$78	Nationwide Super - Employer Sponsored Division	$528	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details
Nationwide Super - Employer Sponsored Division MySuper	New Fund	$78	Nationwide Super - Employer Sponsored Division MySuper	$528	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details
Nationwide Super - Personal Division	New Fund	$78	Nationwide Super - Personal Division	$528	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details
Russell iQ Super - General	New Fund	$78	Russell iQ Super - General	$693	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details
Russell iQ Super - Personal	New Fund	$112	Russell iQ Super - Personal	$787	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details
Russell iQ Super - Employer	New Fund	$78	Russell iQ Super - Employer	$693	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details
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Russell iQ Super - MySuper	New Fund	$78	Russell iQ Super - MySuper	$368	Advisory services Death insurance Income protection Online access Term deposits Variety of options	More details

Data last updated on 31 May 2020

Performance and fee data is based on the option which is rated by SuperRatings and stated on each product's landing page.

Past performance is not a reliable indicator of future performance. More detailed performance data is available by clicking on the details button.

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FAQs

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All SMSFs are required to have an investment strategy, which should explain what assets the fund will buy and what objectives it will pursue. This strategy must be reviewed regularly.

Issues to consider include how much risk the SMSF will take, how easily its assets can be converted into cash and how it will pay out benefits.

Details

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.

Details

An SMSF is a self-managed superannuation fund. SMSFs have to follow the same rules and restrictions as ordinary superannuation funds.

SMSFs allow Australians to directly invest their superannuation, rather than let ordinary funds manage their money for them.

SMSFs are regulated by the Australian Taxation Office (ATO). They can have up to four members. All members must be trustees (or directors if there is a corporate trustee).

Unlike with ordinary funds, SMSF members are responsible for meeting compliance obligations.

Details

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

Details

Setting up an SMSF takes more work than registering with an ordinary superannuation fund.

An SMSF is a type of trust, so if you want to create an SMSF, you first have to create a trust.

To create a trust, you will need trustees, who must sign a trustee declaration. You will also need identifiable beneficiaries and assets for the fund – although these can be as little as a few dollars.

You will also need to create a trust deed, which is a document that lays out the rules of your SMSF. The trust deed must be prepared by a qualified professional and signed by all trustees.

To qualify as an Australian superannuation fund, the SMSF must meet these three criteria:

The fund must be established in Australia – or at least one of its assets must be located in Australia
The central management and control of the fund must ordinarily be in Australia
The fund must have active members who are Australian residents and who hold at least 50 per cent of the fund’s assets – or it must have no active members

Once your SMSF is established and all trustees have signed a trustee declaration, you have 60 days to apply for an Australian Business Number (ABN).

When completing the ABN application, you should ask for a tax file number for your fund. You should also ask for the fund to be regulated by the Australian Taxation Office – otherwise it won’t receive tax concessions.

Your next step is to open a bank account in your fund’s name. This account must be kept separated from the accounts held by the trustees and any related employers.

Your SMSF will also need an electronic service address, so it can receive contributions.

Finally, you will need to create an investment strategy, which explains how your fund will invest its money, and an exit strategy, which explains how and why it would ever close.

Please note that you can pay an adviser to set up your SMSF. You might also want to take the Self-Managed Superannuation Fund Trustee Education Program, which is a free program that has been created by CPA Australia and Chartered Accountants Australia & New Zealand.

Details

Funds that follow the rules are taxed at the concessional rate of 15 per cent. Funds that don’t follow the rules are taxed at the highest marginal tax rate.

Details

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

Do I have enough superannuation to justify the higher set-up and running costs?
Am I able to handle complicated compliance obligations?
Am I willing to spend lots of time researching investment options?
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.

Details

SMSFs can accept mandated employer contributions from an employer at any time (Funds need an electronic service address to receive the contributions).

However, SMSFs can’t accept contributions from members who don’t have tax file numbers.

Also, they generally can’t accept assets as contributions from members and they generally can’t accept non-mandated contributions for members who are 75 or older.

Details

SMSFs can invest in conventional assets such as shares, term deposits, managed funds and property.

SMSFs can also buy ‘collectibles’ such as artwork, jewellery, antiques, coins, stamps, vintage cars and wine – although there are special rules that apply to collectibles.

Investments must be made on an arm’s length basis, which means that assets must be bought and sold at market prices, while income must reflect the market rate of return.

As a general rule, SMSFs can’t buy assets from members or related parties.

Details

SMSFs must maintain comprehensive records and submit to annual audits.

Details