OnePath

ANZ OneAnswer Personal Super

Past 5-year return
4.06%
Admin fee

$0

Calc fees on 50k

$1.4k

SuperRatings awards
MyChoice Silver
Past 5-year return
4.06%
Admin fee

$0

Calc fees on 50k

$1.4k

SuperRatings awards
MyChoice Silver

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

Pros and Cons

Pros and Cons

  • Innovative capital protected multi-sector and Australian share funds with no minimum lock in period for protection.
  • Tax effective super to pension transfers - bonus paid to refund unrealised capital gain.
  • Flexible fee options - Entry Fee, Nil Entry Fee and Fee for Service Fee structures.

Summary

ANZ OneAnswer is a comprehensive fee for service advice solution offered by OnePath, enabling members to tailor their investment solutions to help achieve their retirement goals. ANZ OneAnswer Personal Super is closed to new members and is only available to existing investors as at 1 July 2013. ANZ OneAnswer offers a comprehensive investment menu, providing members with access to both OptiMix and OnePath multi-manager funds, as well as a range of single manager investment funds and term deposits. The OnePath Managed Growth (NCF) option underperformed the SuperRatings Index over each time period assessed to 30 June 2020. Fees are higher than the industry average across all account balances assessed; however, the dollar-based administration fee is waived on account balances of $10K and over. Rebates apply to account balances over $100K and to all account balances after four years of each investment, with further ongoing rebates on financial planner commissions.Insurance cover is available through OnePath's OneCare Super. OneCare Super offers a comprehensive range of insurance products including Life Cover, TPD Cover and Income Secure Cover which can replace up to 80% of monthly income. Members can choose between age-based or averaged out premiums, though Income Secure Cover is only available with age-based premiums. Premium discounts offered depend on the amount insured, combination of covers and the number of lives linked under a single policy. OnePath's secure online facility allows members to view and update their account details, as well as perform transactions. Interactive online tools, calculators and factsheets are available through the fund's website.

Features and Fees

OnePath 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

$0

Administration fee (%)

-0.15%

Switching fee

$0

Investment fee

2.7%

Indirect cost ratio (%)

0.26%

Exit fee

$0

Pros and Cons

  • Innovative capital protected multi-sector and Australian share funds with no minimum lock in period for protection.
  • Tax effective super to pension transfers - bonus paid to refund unrealised capital gain.
  • Flexible fee options - Entry Fee, Nil Entry Fee and Fee for Service Fee structures.

ANZ OneAnswer is a comprehensive fee for service advice solution offered by OnePath, enabling members to tailor their investment solutions to help achieve their retirement goals. ANZ OneAnswer Personal Super is closed to new members and is only available to existing investors as at 1 July 2013. ANZ OneAnswer offers a comprehensive investment menu, providing members with access to both OptiMix and OnePath multi-manager funds, as well as a range of single manager investment funds and term deposits. The OnePath Managed Growth (NCF) option underperformed the SuperRatings Index over each time period assessed to 30 June 2020. Fees are higher than the industry average across all account balances assessed; however, the dollar-based administration fee is waived on account balances of $10K and over. Rebates apply to account balances over $100K and to all account balances after four years of each investment, with further ongoing rebates on financial planner commissions.Insurance cover is available through OnePath's OneCare Super. OneCare Super offers a comprehensive range of insurance products including Life Cover, TPD Cover and Income Secure Cover which can replace up to 80% of monthly income. Members can choose between age-based or averaged out premiums, though Income Secure Cover is only available with age-based premiums. Premium discounts offered depend on the amount insured, combination of covers and the number of lives linked under a single policy. OnePath's secure online facility allows members to view and update their account details, as well as perform transactions. Interactive online tools, calculators and factsheets are available through the fund's website.

Read More

OnePath 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

$0

Administration fee (%)

-0.15%

Switching fee

$0

Investment fee

2.7%

Indirect cost ratio (%)

0.26%

Exit fee

$0
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
4.67%
Admin fee

$0

Company
OnePath
Calc fees on 50k

$1k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice SilverSR50 International Shares Index
Go to site
More details
Past 5-year return
4.06%
Admin fee

$0

Company
OnePath
Calc fees on 50k

$1.4k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
6.45%
Admin fee

$50

Company
OnePath
Calc fees on 50k

$330

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
5.66%
Admin fee

$60

Company
OnePath
Calc fees on 50k

$1.3k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
8.35%
Admin fee

$0

Company
OnePath
Calc fees on 50k

$365

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
7.26%
Admin fee

$0

Company
OnePath
Calc fees on 50k

$425

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
4.07%
Admin fee

$0

Company
OnePath
Calc fees on 50k

$1.6k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
3.67%
Admin fee

$0

Company
OnePath
Calc fees on 50k

$1.5k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
6.45%
Admin fee

$50

Company
OnePath
Calc fees on 50k

$330

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
6.45%
Admin fee

$50

Company
OnePath
Calc fees on 50k

$330

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

FAQs

Is superannuation paid on unused annual leave?

If your employment is terminated, superannuation will not be paid on unused annual leave.

Is superannuation compulsory?

Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.

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.

What is the difference between accumulation and defined benefit funds?

A majority of Australians are in accumulation funds. These funds grow according to the amount of money invested and the return on that money.

A minority of Australians are in defined benefit funds – many of which are now closed to new members. These funds give payouts according to specific rules, such as how long the worker has been with their employer and their final salary before they retired.

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.

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

How do you claim superannuation?

There are three different ways you can claim your superannuation:

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

Two rules apply if you choose to receive an account-based pension, or income stream:

  • You must receive payments at least once per year
  • You must withdraw a minimum amount per year
    • Age 55-64 = 4%
    • Age 65-74 = 5%
    • Age 75-79 = 6%
    • Age 80-84 = 7%
    • Age 85-89 = 9%
    • Age 90-94 = 11%
    • Age 95+ = 14%

If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.

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

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.

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 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 are the risks and challenges of an SMSF?

  • 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

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

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.

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.

What contributions can SMSFs accept?

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.

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 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 can I keep track of my superannuation?

Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.