If you’re thinking of switching funds, have a look at some of the funds currently on Canstar’s database.
To compare other super funds suited to your life stage and preferences, visit the Canstar super fund comparison pages.
Types of MyLife MySuper accounts
MyLife MySuper offers personal and employer super funds with a choice of 14 different diversified and asset class investment options. The fund also offers a self-directed online trading option with access to the ASX 200, ASX listed Exchange Traded Funds and Term Deposits. You can choose to invest in a single option, or a mix to suit your objectives.
MyLife MySuper provides the below benefits to their members:
- Insurance in super available for death cover (life insurance), and total and permanent disability (TPD) cover
- Easy online account access
- Access to ASX traded funds
- Environmentally and socially conscious Positive IMPACT investment option
Eligibility to join MyLife MySuper
MyLife MySuper 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 MyLife MySuper
You can apply to join MyLife MySuper by visiting their website and following the sign-up process.
MyLife MySuper FAQs
Yes, MyLife MySuper 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.
MyLife MySuper Super provides over 14 different investment options for you to choose from, including:
- Aggressive MySuper
- Moderately Aggressive
- Balanced MySuper
- Conservative Balanced
- Australian Shares
- Overseas Shares
- Diversified Fixed Interest
You can also choose to invest in your own self-directed online trading, offering access to:
- ASX 200 shares
- ASX listed Exchange Traded Funds
- Term Deposits
When choosing an investment option, it is important to take into account your investment time frames 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 (24/07/2018) MyLife MySuper charges annual fees based on your total balance. This includes an administration fee of $93.60 plus 0.18% of your account balance. You will also be charged an investment fee based on your chosen investment(s). This can range from 0.08% per annum for the cash option and 1.04% per annum for the PositiveIMPACT option. The balanced MySuper option charges an investment fee of 0.75% per year, while the aggressive MySuper option charges 0.79%.
Compare these fees to the average super fund fees on our database, as fees are an important consideration when selecting a fund.
Yes, MyLife MySuper offers a consolidation service to 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.
MyLife MySuper was founded in 1971 as the Catholic Superannuation Fund to cater for Victorian teachers and staff. It is one of Australia’s first industry funds, directing its profits back towards its members, instead of towards shareholders.
The fund was restructured in 2015 into a master trust, with the MyLife MySuper division and the Catholic Super division. This means that the fund can pool resources, offering greater investment power and more tailored investment options.