CareSuper Superannuation
CareSuper is an industry superannuation fund and provider of superannuation products.
“The industry fund for professionals.”
What CareSuper offers
The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.
CareSuper Personal Plan
- 12 managed funds available. Direct investment in Australian shares available.
- Term deposits available.
- Unlimited free investment switches.
- Life insurance, TPD insurance, and income protection insurance available within super.
- Online access to account details.
- Financial advice available.
If you’re considering superannuation with CareSuper Personal Plan, see what’s available for those aged 30-39 years old, based on a super balance of $55K to $100K. Results are sorted by Star Ratings (high to low). To compare other super funds, visit the Canstar super fund comparison pages.
How to join CareSuper
You can sign up for a CareSuper super fund online and CareSuper says it takes around 10 minutes, or you can fill in a hard copy application form and post it in.
Keep our tips in mind for how to choose a super fund, and always read the product disclosure statement (PDS) before you sign up for any superannuation product.
Remember to consider consolidating all of your super savings into one account. Find out how to find your lost super and how to consolidate your super funds. Before consolidating, check what insurances you have with each fund. Moving super from one fund to another could mean you lose some insurances, some of which you might not have known about but could really find handy if something were to happen to you.
Finally, tell your employer that you’ve joined CareSuper. Your employer will give you a choice of super fund form that you will need to sign and return to them.
How do the fees on CareSuper compare to other funds?
The table above shows the total fee cost to have a CareSuper account per year. Compare these fees to the average super fund fees on our database.
Does CareSuper offer an ethical investment option?
At the time of writing, CareSuper offers an ethical investment option called Sustainable Balanced. This investment option aims to achieve relatively high returns in the medium- to long-term, by investing in industries and companies that are considered to have a sustainable future on environmental and/or social grounds.
Find out more about ethical super investment options here. Some ethical super funds screen out companies that harm humans or the environment, while other ethical super funds invest only in companies whose social and corporate responsibility approach makes a positive impact in environmental and social areas. You don’t have to settle for a super fund where money is the bottom line; ask your super fund whether they offer ethical investment options.
How can I track the growth of my CareSuper account?
Members can track and manage the growth of their super account online using CareSuper MemberOnline, or using the CareSuper mobile app on smartphone or tablet. Members can also find out the current balance of their super account in their annual statement, or by calling the CareSuperLine on 1300 360 149.
What should I check on my CareSuper statement?
Be sure to check these 9 things on your superannuation statement:
- 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?
When can I access my CareSuper?
You can access your super at age 65, but it could be earlier at what’s known as your preservation age, which can be from 55 years up to 60 years depending on what year you were born. To access your super, typically you need to have permanently decided to stop working, or have left an employer after turning 60. Earlier access to your super is possible in certain circumstances, such as:
- If your home is being repossessed
- Cases of severe financial hardship
- On compassionate grounds if you or your dependant is diagnosed with a terminal illness needing palliative care, or if you are temporarily or permanently unable to work or need to work less hours due to a physical or mental medical condition, or if you are disabled and need to modify your home or car to meet your needs, or if you need help to pay for the funeral expenses of a dependant
- If your super balance is less than $200
Can I get the Age Pension as well as CareSuper?
You may be able to receive a full or part-pension from Centrelink depending on your level of assets (including super and account-based pension balance) and income (including from any account-based pension you may have and how much income your super is assumed to be able to pay you).Find out how the Age Pension works and how much you can receive in super before your pension is affected.
About CareSuper
CareSuper was founded in 1986 as an industry fund for professionals, run only to profit members. As of 2016, CareSuper has more than 247,000 members across Australia, with more than 63,000 employers making contributions to CareSuper funds.
Source: Care Super
Members with CareSuper also receive extra benefits including discounted home insurance, car insurance, health insurance, free over-the-phone financial planning advice, discounted tax returns, and low-cost home loans and banking products with ME Bank. Around 60 free member seminars about how to maximise your super and plan for retirement were held in 2016, according to the annual report.
CareSuper supports the community with annual fundraisers for breast cancer research, including the Mother’s Day Classic fun run/walk, with many employees raising more than $10,000 each. They also support Women in Super (@WomenInSuper), a not-for-profit that is committed to improving access to superannuation for women.
As for protecting the environment, CareSuper engage in recycling, and considering the sustainability of material service providers. They even partnered with the Australian Council of Superannuation Investors (ACSI) to create the Michael O’Sullivan ESG Rising Star Award. This award recognises fund managers in the profit-for-members super industry who rise above when it comes to promoting ESG sustainability principles in managing super funds.
If you’re considering top performing superannuation funds, check out the following table which contains details of the superannuation funds rated by Canstar. This table has been sorted by one-year performance (highest to lowest).
Please note that the performance information shown in the table is for the investment option used by Canstar in rating of the superannuation product.
CareSuper Personal Plan
Canstar Research
Award:
Outstanding Value Superannuation
