Future Super
Types of Future Super accounts
Future Super
Future Super is the main accumulation product available to members. Future Super members have access to three investment options:
- Balanced Index: Invests in majority growth assets, targeting investments that are ethically screened with no exposure to fossil fuels.
- Balanced Impact: This option targets investments in social impact and renewable energy projects. Companies that do not meet the Environmental, Social and Governance (ESG) criteria of the fund are avoided.
- Renewables Plus Growth: This option targets investments that are ethically screened and have zero exposure to fossil fuels, with a 20% target exposure to climate change solutions. Companies that do not meet the ESG criteria of the fund are avoided.
In addition, some of the features offered by the Future Super product include:
- The ability to opt in to insurance products, namely death cover, death and total and permanent disability cover, and income protection cover. As with any insurance product, consider checking the cover amount, any exclusions, limitations or other conditions that may apply, as well as the premiums you would be charged before deciding whether it suits your needs.
- Baby Bump, which is a refund of the annual dollar-based admin fee a member pays while they are on parental leave, up to a maximum of 12 months.
- An online member portal where customers can manage their account.
How to join Future Super
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 the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for a Future Super product to help decide whether it is suitable for your needs.
If you decide to join Future Super you can apply through its website or over the phone. Future Super says you should have your tax file number at the ready when applying to join.
Finally, remember to tell your employer that you’ve joined Future Super. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.
Future Super FAQs
Does Future Super offer an ethical investment option?
Unlike some super funds who may offer one or more ethical investment options among a range of options for members, at a fund-wide level Future Super says it invests “responsibly and sustainably”, has zero exposure to fossil fuels and invests directly in clean energy projects. In addition to its climate change objectives, Future Super says it employs negative screening to avoid investing in certain companies in the gambling, weapons and tobacco industries.
What fees does Future Super charge?
Future Super charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its fees include investment fees, admin fees, a buy-sell spread and indirect cost ratio.
Future Super gives the following fee levels as an indication of the annual cost to a member with a $50,000 balance for its three investment options.
Balanced Index: 0.885% p.a plus $60 (equal to $502.50 per year in total)
Balanced Impact: 1.501% p.a plus $60 (equal to $810.50 per year in total)
Renewables Plus Growth: 1.501%p.a plus $60 (equal to $810.50 per year in total)
Bear in mind that other fees may apply. Consider checking Future Super’s Product Disclosure Statement (PDS) for details.
Can I consolidate my super with Future Super?
Yes, Future Super says you can consolidate your super from other funds into your Future Super account, either by logging in to your Future Super Member Online Account or through MyGov.
Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits.
About Future Super
Future Super is an Australian superannuation fund based in Sydney. It was founded in 2014 and offers members a way of investing their super without being exposed to the fossil fuel industry. According to the provider’s TMD, the Future Super fund is designed for “everyday Australians who want to shift their retirement savings away from companies and activities which are harmful to the environment and society, and instead want to see their super invested in companies and activities which make a positive impact.”
