$91
$571



Based on your details, you can compare and save on the following superannuation
Pros and Cons
Pros and Cons
- Access to in-house professional financial planning services.
- Free member educational tools, newsletters, e-newsletters and retirement seminars.
- Secure website access 24/7 via Statewide Super Online.
- Free worksite visits.
- Comprehensive death and disablement insurance options.
- 1 stand-alone Socially Responsive Investment option.
Summary
Statewide Super was established in 1986 to provide for the retirement needs of South Australian workers. The fund is a public offer fund and allows members from all industries to apply for membership. The fund was a finalist for the 2021 MyChoice Super of the Year award.Statewide Super offers an investment menu of 6 Diversified options and 4 Single Sector options. The MySuper option outperformed the relevant SuperRatings Index over the 1, 5 and 7 year periods to 30 June 2020.Fees are lower than the industry average across all account balances assessed, with the administration fee capped at $500 pa. Members are entitled to one free investment switch per financial year and the fund does not charge buy-sell spreads. Statewide Super's insurance offering allows eligible members to apply for up to $5 million 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, covering up to 85% of salary, is available following a 60-day waiting period. A great range of additional benefits are provided to members, including financial planning services, comprehensive banking products through ME Bank, discounted health insurance, as well as special offers through the Statewide Super's rewards program. Statewide Super Online further allows members to view and update account details, as well as perform transactions.
Features and Fees
Statewide Super 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 $91 | Administration fee (%) 0.11% |
Switching fee $20 | Investment fee 0.85% |
Indirect cost ratio (%) | Exit fee $0 |
Pros and Cons
- Access to in-house professional financial planning services.
- Free member educational tools, newsletters, e-newsletters and retirement seminars.
- Secure website access 24/7 via Statewide Super Online.
- Free worksite visits.
- Comprehensive death and disablement insurance options.
- 1 stand-alone Socially Responsive Investment option.
Statewide Super was established in 1986 to provide for the retirement needs of South Australian workers. The fund is a public offer fund and allows members from all industries to apply for membership. The fund was a finalist for the 2021 MyChoice Super of the Year award.Statewide Super offers an investment menu of 6 Diversified options and 4 Single Sector options. The MySuper option outperformed the relevant SuperRatings Index over the 1, 5 and 7 year periods to 30 June 2020.Fees are lower than the industry average across all account balances assessed, with the administration fee capped at $500 pa. Members are entitled to one free investment switch per financial year and the fund does not charge buy-sell spreads. Statewide Super's insurance offering allows eligible members to apply for up to $5 million 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, covering up to 85% of salary, is available following a 60-day waiting period. A great range of additional benefits are provided to members, including financial planning services, comprehensive banking products through ME Bank, discounted health insurance, as well as special offers through the Statewide Super's rewards program. Statewide Super Online further allows members to view and update account details, as well as perform transactions.
Read More
Statewide Super 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 $91 | Administration fee (%) 0.11% |
Switching fee $20 | Investment fee 0.85% |
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 6.53% | Admin fee $91 | Company ![]() | Calc fees on 50k $571 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() ![]() | Go to site | More details | |
Product | Past 5-year return New | Admin fee $91 | Company ![]() | Calc fees on 50k $571 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Product | Past 5-year return 6.53% | Admin fee $91 | Company ![]() | Calc fees on 50k $571 | 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 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.
How do you find 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.
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.
Can I take money out of my superannuation fund?
Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.
As a general rule, you can only take money out of your superannuation fund when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
That said, you can take money out of your superannuation fund early based on one of these seven special conditions:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
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 |
What are reportable employer superannuation contributions?
Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.
What is the age pension's assets test?
The value of your assets affects whether you can qualify for the age pension – and, if so, how much.
The following assets are exempt from the assets test:
- your principal home and up to two hectares of used land on the same title
- all Australian superannuation investments from which a pension is not being paid – this exemption is valid until you reach age pension age
- any property or money left to you in an estate, which you can’t get for up to 12 months
- a cemetery plot and a prepaid funeral, or up to two funeral bonds, that cost no more than the allowable limit
- aids for people with disability
- money from the National Disability Insurance Scheme for people with disability
- principal home sale proceeds you’ll use to buy another home within 12 months
- accommodation bonds paid on entry to residential aged care
- any interest not created by you or your partner
- a Special Disability Trust if it meets certain requirements
- your principal home, if you vacate it for up to 12 months
- granny flat rights where you pay more than the extra allowable amount
For full pensions, reductions apply when your assessable assets exceed these thresholds:
Category |
Home owners |
Non-home owners |
Singles |
$253,750 |
$456,750 |
Couples living together |
$380,500 |
$583,500 |
Couples living apart due to ill health |
$380,500 |
$583,500 |
Couples with only one partner eligible |
$380,500 |
$583,500 |
For part pensions, reductions apply when your assessable assets exceed these thresholds:
Category |
Home owners |
Non-home owners |
Singles |
$550,000 |
$753,000 |
Couples living together |
$827,000 |
$1,030,000 |
Couples living apart due to ill health |
$973,000 |
$1,176,000 |
Couples with only one partner eligible |
$827,000 |
$1,030,000 |
For transitional rate pensions, reductions apply when your assessable assets exceed these thresholds:
Category |
Home owners |
Non-home owners |
Singles |
$503,250 |
$706,250 |
Couples living together |
$783,000 |
$986,000 |
Couples living apart due to ill health |
$879,500 |
$1,082,500 |
Couples with only one partner eligible |
$783,000 |
$986,000 |
How do I set up an SMSF?
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.
Can I transfer money from overseas into my superannuation account?
Yes, you can transfer money from overseas into your superannuation account – under certain conditions. First, you must provide your tax file number to your fund. Second, if you are aged between 65 and 74, you must have worked at least 40 hours within 30 consecutive days in a financial year. (Australians under 65 aren’t subject to a work test; Australians aged 75 and over cannot receive contributions to their superannuation account.)
Money transferred from overseas will generally count to both your concessional contributions limit and your non-concessional contributions limit. You will have to pay income tax on the applicable fund earnings component of any money transferred from overseas. You might also be liable for excess contributions tax.
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.
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 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.
Am I entitled to superannuation if I'm not an Australian citizen?
Yes, permanent and temporary residents are entitled to superannuation.
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
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
What are the age pension's age rules?
Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:
Date | Eligibility age |
---|---|
1 July 2019 | 66 years |
1 July 2021 | 66 years and 6 months |
1 July 2023 | 67 years |
When can I access my superannuation?
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
How much money do you get on the age pension?
Pension payments can be reduced due to the income test and asset test (see ‘What is the age pension’s income test?’ and ‘What is the age pension’s assets test?’).
Here are the maximum fortnightly payments:
Category |
Single |
Couple each |
Couple combined |
Couple apart due to ill health |
Maximum basic rate |
$808.30 |
$609.30 |
$1,218.60 |
$808.30 |
Maximum pension supplement |
$65.90 |
$49.70 |
$99.40 |
$65.90 |
Energy supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
TOTAL |
$888.30 |
$669.60 |
$1,339.20 |
$888.30 |
How do I choose the right superannuation fund?
Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.
So you need to ask yourself these four questions when comparing superannuation funds:
- How many fees would I have to pay and what would they cost?
- What insurances are available and how much would they cost?
- What investment options does it offer? How would they match my risk profile and financial needs?
- How have these investment options performed historically?
Is superannuation compulsory?
Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.
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.