Types of MAP super accounts
MAP Super offers employer and personal accumulation accounts. Their personal super fund offers a choice of many different investment options including ready-made portfolios, self-selected managed funds, listed investments and term deposits. You can choose the option or combination of options to suit your retirement goals and life stage.
There are a few benefits available to MAP Super members who have a super account, including:
- Insurance in super available for death cover (life insurance), and total and permanent disability (TPD) cover
- Easy online account access
- Access to the majority of S&P/ASX 300 index funds
- Self-selected managed fund investments
Eligibility to join MAP Super
MAP does not list any eligibility requirements on its website or PDS. However, super funds generally require that you satisfy the following criteria to register with them:
- You must be an Australian resident
- You must be over 18 years of age
- You must be earning at least $450 before tax per month from an employer
If you are under the age of 18, but earning more than $450 before tax per month, you may need to be working more than 30 hours per week to qualify for super.
How to join MAP
You can apply to join MAP by visiting the MAP website and following the sign-up process.
Yes, MAP Super has a dedicated online portal for super fund members. You can view your account balance online, access statements for your account, download super fund information and more.
The money in your MAP Super account is invested by your super fund. It offers a wide array of investment options, from which you can pick and choose.
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.
At the time of writing (19/07/2018) MAP Super charges fees based on your total account balance and whether you have chosen to invest in the MySuper and Cash Account options, or in the wide array of other investment options.
If you have chosen to invest in the MySuper or Cash fund you will be charged an administration fee of 0.35% per annum and an account keeping fee of $2.25 per week.
All other investment options are charged an administration fee of 1.025% for the first $400,000 in your account, and 0.256% for amounts in excess of that, per annum. You will also be charged a $4.25 administration fee per week.
Compare these fees to the average super fund fees on our database, as fees are an important consideration when selecting a fund.
Yes, MAP super offers a consolidation service for its members.
It’s important to check with your previous super funds for information regarding costs such as exit fees and insurance cover you may lose if you switch super funds.
MAP Super is also known as the Medical & Associated Professions Superannuation Fund – it offers financial and investment services to medical and allied health professionals. Despite this, it is open to all members of the public, and not just medical professionals.
MAP was established in 1957 by a group of Queensland doctors who wanted better investment options – it has grown since then, and Diversa became trustee of the fund in 2017.