$96
$296




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Pros and Cons
Pros and Cons
- In-house service and call centre functions complemented by state based education and personal advice staff.
- Exceptional optional insurance offering. Pension products offered
- Locally provided free general advice seminars covering a wide range of topics.
- Relatively low cost personalised, professional and easily accessible "fee-for-service" financial advice in-house facility.
Summary
UniSuper is an industry fund established for those working in the Australian higher education and research sector and their families. The fund was the winner of the 2021 MySuper of the Year award and was nominated as a finalist for the 2021 MyChoice Super of the Year and the 2021 Net Benefit awards. UniSuper offers a range of 16 investment options to choose from, providing members with access to 7 Pre-Mixed and 9 Single Sector options. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2020. Fees are competitive and lower than the industry average across all account balances assessed. The first investment switch each financial year is free of charge, with a fee charged for subsequent switches.A full suite of insurance cover is offered, with Death and Total & Permanent Disablement (TPD) insurance cover automatically provided to eligible members upon joining the fund. Income Protection (IP) with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30, 60- or 90-day waiting period. Members have the ability to increase their default Death & TPD cover or apply for IP cover within 180 days of being first eligible to join the fund, without having to provide any medical evidence.UniSuper provides members with access to a range of online fact sheets, calculators, educational videos and on-demand webcasts and podcasts. The fund's Member Online further allows members to view and update account details, as well as perform transactions.
Features and Fees
UniSuper 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 $96 | Administration fee (%) |
Switching fee $9.9 | Investment fee 0.4% |
Indirect cost ratio (%) | Exit fee $0 |
Pros and Cons
- In-house service and call centre functions complemented by state based education and personal advice staff.
- Exceptional optional insurance offering. Pension products offered
- Locally provided free general advice seminars covering a wide range of topics.
- Relatively low cost personalised, professional and easily accessible "fee-for-service" financial advice in-house facility.
UniSuper is an industry fund established for those working in the Australian higher education and research sector and their families. The fund was the winner of the 2021 MySuper of the Year award and was nominated as a finalist for the 2021 MyChoice Super of the Year and the 2021 Net Benefit awards. UniSuper offers a range of 16 investment options to choose from, providing members with access to 7 Pre-Mixed and 9 Single Sector options. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2020. Fees are competitive and lower than the industry average across all account balances assessed. The first investment switch each financial year is free of charge, with a fee charged for subsequent switches.A full suite of insurance cover is offered, with Death and Total & Permanent Disablement (TPD) insurance cover automatically provided to eligible members upon joining the fund. Income Protection (IP) with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30, 60- or 90-day waiting period. Members have the ability to increase their default Death & TPD cover or apply for IP cover within 180 days of being first eligible to join the fund, without having to provide any medical evidence.UniSuper provides members with access to a range of online fact sheets, calculators, educational videos and on-demand webcasts and podcasts. The fund's Member Online further allows members to view and update account details, as well as perform transactions.
Read More
UniSuper 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 $96 | Administration fee (%) |
Switching fee $9.9 | Investment fee 0.4% |
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 7.35% | Admin fee $96 | Company ![]() | Calc fees on 50k $296 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() ![]() ![]() | Go to site | More details | |
Past 5-year return 7.35% | Admin fee $96 | Company ![]() | Calc fees on 50k $296 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() ![]() ![]() | Go to site | More details | |
Past 5-year return 7.35% | Admin fee $96 | Company ![]() | Calc fees on 50k $296 | 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 $96 | Company ![]() | Calc fees on 50k $296 | 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
How much superannuation should I have at age 40?
The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you 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 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 |
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 do you create a superannuation account?
Before you create a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.
Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.
Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).
How do you calculate superannuation from a total package?
Superannuation is calculated at the rate of 9.5 per cent of your ‘ordinary-time earnings’. (For most people, ordinary-time earnings are their gross annual salary or 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.
As the Australian Taxation Office explains, some items are excluded from ordinary-time earnings. They include:
- Overtime work paid at overtime rates
- Expense allowances that are fully expended
- Expenses that are reimbursed
- Unfair dismissal payments
- Workers’ compensation payments
- Parental leave
- Jury duty
- Defence reserve service
- Unused annual leave when employment is terminated
- Unused long service leave when employment is terminated
- Unused sick leave when employment is terminated
Although the superannuation guarantee is currently at 9.5 per cent, 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 can I increase my superannuation?
You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.
How do I combine several superannuation accounts into one account?
The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.
What are the age pension's residence rules?
On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:
- You’re exempt from the 10-year rule if you’re a refugee or former refugee
- You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
- You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
- You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
What is MySuper?
MySuper accounts are basic, low-fee accounts. If you don’t nominate a superannuation fund, your employer must choose one for you that offers a MySuper account.
MySuper accounts offer two investment options:
- Single diversified investment strategy
Your fund assigns you a risk strategy and investment profile, which remain unchanged throughout your working life.
- Lifecycle investment strategy
Your fund assigns you an investment strategy based on your age, and then changes it as you get older. Younger workers are given strategies that emphasise growth assets
How can I withdraw my superannuation?
There are three different ways you can withdraw 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 (also known as an 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.
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?
How much superannuation do I need?
According to the Association of Superannuation Funds of Australia (ASFA), here is how much you would be able to spend per week during retirement:
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 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
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).
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 |
Am I entitled to superannuation if I'm not an Australian citizen?
Yes, permanent and temporary residents are entitled to superannuation.
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
Payment type | Is superannuation paid? |
---|---|
Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates | No |
Overtime hours – agreement prevails over award | No |
Agreement supplanting award removes distinction between ordinary hours and other hours | Yes – all hours worked |
No ordinary hours of work stipulated | Yes – all hours worked |
Casual employee: shift loadings | Yes |
Casual employee: overtime payments | No |
Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause | No |
Piece-rates – no ordinary hours of work stipulated | Yes |
Overtime component of earnings based on hourly-driving-rate method stipulated in award | No |
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.