Types of AustralianSuper superannuation accounts
AustralianSuper offers a variety of superannuation products; its standard ‘Balanced’ MySuper offering (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). Features on offer as part of these products include:
- A range of investment options, including six ‘pre-mixed’ options as well as single asset classes.
- Online investment switching available.
- Life insurance, 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).
- Access to account details available online and via mobile app.
- Financial advice available over the phone, online, or face-to-face. Australian Super also holds financial planning seminars across Australia at no additional cost to members, and provides online learning materials about various aspects of super via its online Money 101 Program.
- Discounted health insurance available to eligible members via a third party insurer.
Eligibility to join AustralianSuper
To apply for an account with AustralianSuper, you must be an Australian resident. Bear in mind that other eligibility criteria may apply, so consider checking these with AustralianSuper before starting your application.
How to join AustralianSuper
If you satisfy all of the above eligibility criteria, then you can apply to join AustralianSuper. You can sign up for a AustralianSuper account by clicking on its products in Canstar’s superannuation comparison tables and then sign up online on their website.
Yes, AustralianSuper members can manage their super online. You should also be able to view your account balance, access statements for your account and download super fund information.
AustralianSuper offers you three options for deciding how your super is invested:
- Premixed, a less hands-on option which allows you to simply pick one of AustralianSuper’s pre-mixed investment options for your super to be invested in.
- DIY Mix, which allows you to choose the asset classes you want your super to be invested in, and in what amounts.
- Member Direct, which gives you a great amount of control by allowing you to choose specific S&P/ASX 300 Index stocks, ETFs, and term deposits you’d like your super to be invested in.
The fees charged by AustralianSuper on its MySuper and Personal Plan products include:
- 0.60% investment fee (charged annually and deducted from pre-tax investment returns)
- $2.25 administration fee (calculated weekly, charged monthly)
- Variable protecting Your Super levy of up to 0.04% pa
Bear in mind that other fees may apply and consider checking the product disclosure statement (PDS) for details. You can also compare AustralianSuper’s fees to the other super fund fees on our database.
To help you stay on top of your super, it may be beneficial to check your regular super statement closely. Here are some of the factors that could be worth paying attention to:
- Personal details are up-to-date
- Nominated beneficiaries are up-to-date
- Tax File Number (TFN) is recorded
- Super contributions from employer and/or your voluntary contributions are correct
- Investment asset class choices are appropriate for your life stage
- Amount paid in fees
- Insurance still adequate
- Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
- The big picture – are you happy with your super fund overall?
Yes, AustralianSuper, via an online tool or its mobile app, offers a consolidation service for members who have super in other funds or super they have lost track of.
It’s important to check with your current super fund(s) for information regarding costs such as exit fees and any insurance cover you may lose if you switch super funds.
AustralianSuper was formed in 2006 and says it is now one of Australia’s largest industry super funds, with more than $184 billion in assets and around 2.2 million members, as at 31 December 2019. In addition, AustralianSuper says it works with more than 310,000 Australian employers.