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Virgin Money Super

Past 5-year return
New fund
Admin fee
$58
Calculated Fees on 50k
$358
One of the lowest fees in the market.
Simple and straightforward investment options including a LifeStage Tracker® option.
Automatic Insurance cover with a pre-approved level of Death and TPD cover based on your age.
Access to your super 24/7 with the ability to make changes instantly to your investment mix; plus online consolidation.
Virgin Money Super is a plan within the Mercer Super Trust, designed to provide a default structure for superannuation investments with competitive fees to optimise retirement incomes for members across all industries.Virgin Money Super offers members access to a range of Choice investment options, as well as the LifeStage Tracker, which is a whole of life investment strategy that adjusts underlying asset allocations according to a members' age, gradually 'gliding' from a growth-oriented investment strategy to a defensive-oriented strategy. The LifeStage Tracker Born 1959-1963 option underperformed the SuperRatings Index over the 1 year period to 30 June 2018.Fees are lower than the industry average across all account balances assessed. Eligible members can apply for a reduced asset-based administration fee via the 'Virgin Money Super Baby Break' program for a maximum of 12 months. No fees are charged for switching investments; however, an exit fee applies for partial and full withdrawals. A full suite of insurance cover is offered, with Death and Total & Permanent Disablement (TPD) cover automatically provided to eligible members upon joining the fund. Members can apply to increase their Death and TPD cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection (IP) with a benefit period of 2 years, covering up to 75% of salary, is available following a 90 day waiting period. Members have access to a free Simple Super Advice service, as well as comprehensive financial planning services provided through Mercer Financial Advice. Online account access allows members to check their account balance and investment performance, as well as make investment changes.

Fees & fund features

Admin fee
Admin fee
$58
Administration fee (%)
Administration fee (%)
0.39%
Indirect Cost Ratio (%)
Indirect Cost Ratio (%)
0.09%
Exit fee
Exit fee
$100
Financial planning service
Financial planning service
Credit cards
Credit cards
Insurance life event increases
Insurance life event increases
Investment fee
Investment fee
0.12%
Account size discount
Account size discount
Health insurance
Health insurance
Binding nominations
Binding nominations
Anti-detriment payments
Anti-detriment payments
Switching fee
Switching fee
$0
Employer size discount
Employer size discount
Home loans
Home loans
Non-lapsing binding nominations
Non-lapsing binding nominations
Long term income protection
Long term income protection
Admin fee
Admin fee
$58
Administration fee (%)
Administration fee (%)
0.39%
Indirect Cost Ratio (%)
Indirect Cost Ratio (%)
0.09%
Exit fee
Exit fee
$100
Financial planning service
Financial planning service
Credit cards
Credit cards
Insurance life event increases
Insurance life event increases
Investment fee
Investment fee
0.12%
Account size discount
Account size discount
Health insurance
Health insurance
Binding nominations
Binding nominations
Anti-detriment payments
Anti-detriment payments
Switching fee
Switching fee
$0
Employer size discount
Employer size discount
Home loans
Home loans
Non-lapsing binding nominations
Non-lapsing binding nominations
Long term income protection
Long term income protection
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
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FAQs

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

 

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