Mine Super

mine wealth + wellbeing logo

Mine Super is a specialist provider of superannuation and account-based pension products for all, although it used to be exclusive to members of the coal and oil shale mining industries.

Types of Mine Super accounts

Mine Super 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 Mine Super 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 Mine Super

To sign up for a superannuation account with Mine Super, 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 Mine Super

If you satisfy all of the above eligibility criteria, then you can apply to join Mine Super. You can sign up for a Mine Super account by clicking on its products in Canstar’s superannuation comparison tables and then sign up online on its website.

Be sure to compare super funds on the Canstar website and check our choosing a super fund checklist before signing up for a particular superannuation account:

Compare Super Funds

Mine Super FAQs

Yes, Mine Super 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 Mine Super account is invested by your super fund. It offers a variety of investment options including pre-mixed, sector and direct investment options like shares, property, cash and bonds.

With Mine Super, there are four different types of investments you can make:

  • Aggressive
  • Growth
  • Balanced
  • Stable

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 Mine Super. 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, Mine Super 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, call Mine Super on 13 MINE (13 64 63).

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?

Established from a merger between Coalsuper Retirement Income Fund and the Queensland Coal and Oil Shale Mining Industry Superannuation Fund, Mine Super (previously called Mine Wealth + Wellbeing) was traditionally made for employees, spouses and family members of members of the coal, mining and oil industries. While it still serves that demographic, it is now an open super fund, which means any eligible Australian can enjoy the great member benefits.

As an industry super fund, Mine Super 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, Mine Super is proud to be one of the low-cost industry super funds on the market.

Mine Super also has a Community Awareness Program, which helps out local charities and community clubs, including Relay for Life, Dry July, Opera to Parliament bike ride for Lymphoma Australia, Movember and the Soul Café Food Drive.

Mine Super Fund

Canstar Research
Rating:
Award: 2018 Superannuation Star Ratings

Written by: Regina Collins | Last updated: May 28, 2018