AustralianSuper superannuation
Types of AustralianSuper super accounts
AustralianSuper offers a variety of superannuation products. These include its AustralianSuper Plan (for full-time, part-time and casual employees of any industry), and its Personal Plan (for people self-employed as sole traders or as a partner in a partnership, or who are not currently in paid employment) products. AustralianSuper members have access to a range of investment options, including:
- The default, MySuper-authorised Balanced option and a range of other “PreMixed” options, including Socially Aware and High Growth options. AustralianSuper describes these PreMixed options as “hands-off and hassle-free” for members.
- DIY mix options, where you select a combination of asset classes (such as Australian shares, international shares and property) and how much you want to invest in each of them. AustralianSuper describes this option as “a bit hands-on”.
- A Member Direct investment option where you can invest in your choice of selected shares, exchange traded funds (ETFs), listed investment companies (LICs), term deposits and cash. Each of these investment options offer members different degrees of choice and control over how their money is invested. AustralianSuper says this option offers “greater control and choice” in how your super is invested, but warns that it “requires a confident approach to investing”. It encourages members to speak to a financial adviser before committing to this investment option.
Some of the other features offered by AustralianSuper include:
- Life insurance, total permanent disability (TPD) insurance and income protection insurance available within super (as with any insurance product, consider checking the cover amount, any exclusions, limits or other conditions that apply, as well as the premiums you would be charged, before deciding whether it suits your needs).
- Personal financial advice (provided by a third party, not AustralianSuper) available over the phone or face-to-face. This advice may attract a fee in some cases. AustralianSuper also holds retirement and financial planning webinars at no additional cost to members
- The ability to access your super account online or via the AustralianSuper mobile app.
How to join AustralianSuper
Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read AustralianSuper’s product disclosure statement (PDS) for the product you are considering, which could help you decide whether it is suitable for your needs.
If you decide to join AustralianSuper, you can follow the prompts on its website to register. AustralianSuper says you will need to provide your Tax File Number and your employer’s ABN (if you’re an employee), as well as some personal and contact details. AustralianSuper says the process should take less than 15 minutes.
Finally, remember to tell your employer that you’ve joined AustralianSuper. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return.
AustralianSuper FAQs
This article was reviewed by our Finance and Lifestyle Editor Shay Waraker before it was updated, as part of our fact-checking process.