Types of legalsuper accounts
legalsuper offers three retirement-related products to choose from:
- Corporate super arranged by an employer for their employees to use
- Personal super available for individual employees
- Account-based pension converts superannuation into regular income payments for retirees and workers in the transition to retirement (TTR) stage
There are a lot of benefits available to legalsuper members who have a personal super account, including:
- Competitive investment performance
- Flexible investment options
- Low cost and transparent administration fees
- Insurance in super available for death cover (life insurance), and total and permanent disability (TPD) cover
- Over-the-phone financial advice available
- Easy online account access
Eligibility to join legalsuper
To sign up for a superannuation account with legalsuper, you must be able to satisfy the following criteria:
- You must be an Australian resident
- You must be over 18 years of age
- You must be earning at least $450/month before tax from an employer
If you are under the age of 18, but earning more than $450/month before tax, you must be working more than 30 hours per week to qualify for super.
How to join legalsuper
If you satisfy all of the above eligibility criteria, then you can apply to join legalsuper. You can sign up for a legalsuper account by clicking on its products in Canstar’s superannuation comparison tables and then sign up online on its website, or call 1800 060 312 (available Monday to Friday between 8 am and 8 pm).Compare Super Funds
Yes, legalsuper has a dedicated online portal for its super fund members. You can view your account balance online, access statements for your account, download super fund information and more. Access the online portal here.
The money in your legalsuper account is invested by your super fund. It offers a variety of investment options including pre-mixed, sector and direct investment options such as cash, shares, bonds and property.
There are also six different asset classes with a legalsuper fund:
- Conservative balanced
- Balanced index
- High growth
When choosing an investment option, it is important to take into account your investment timeframes and goals, and your personal risk tolerance for market fluctuations. Learn more about how to choose between different investment options on the Canstar website.
The table above shows the total fee cost per year to have a super account with legalsuper. Compare these fees to the average super fund fees on our database, as it’s important not to let your super be eaten away by fees before you retire.
Yes, legalsuper offers a consolidation service for members who have super in other funds.
It’s important to check with your old super funds for information regarding costs such as exit fees and insurance cover you may lose if you switch super funds. If you have any questions or concerns about the rollover process, give legalsuper a call on 1800 060 312.
Be sure to check these nine 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 for the year is not too high
- Insurance in super is still adequate coverage for your needs
- 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?
Formerly known as the Legal Industry Superannuation Scheme, legalsuper was established in 1989. While legalsuper was made for employees, spouses and family members of the legal industry, it is now an open super fund which means those outside the legal profession can still enjoy member benefits.
As an industry super fund, legalsuper is a not-for-profit organisation that exists for the benefit of members. Its goal is to maximise retirement benefits for members. By providing quality superannuation, retirement, education and financial services for members, legalsuper is proud to be one of the lowest cost super funds on the market.