Russell Investments superannuation
Types of Russell Investments super accounts
You may be a member of Russell Investments if it’s the default fund of your employer, or you may choose to join it as your own preferred super fund.
The iQ Super – For Life product is the main one available to people who choose Russell Investments as their own preferred super fund, whereas the iQ Super – Employer product is available to people whose employer has nominated Russell Investments as their default fund.
The iQ Super – For Life product includes some of the following features:
- A range of 23 investment options to choose from. When joining iQ Super – For Life, you’ll be invested in the MySuper investment option, unless you make an investment choice.
- View and manage your account online with access to integrated tools to set a retirement income goal, track your progress, find your other super and consolidate easily. You can also use the Super Tracker App (Apple and Android).
- Access a GoalTracker program that can help you set a retirement income goal that’s right for you and then help you try to achieve that goal through a personalised investment strategy and engagement based on the information you’ve entered.
- New members can apply for insurance for death only cover, death and total and permanent disablement, and income protection. You may be required to provide evidence of your health.
- General advice is free but comprehensive advice will incur a fee after the first free consultation.
- You must maintain a minimum account balance of $6,000.
How to join Russell Investments 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 relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) for an Equip Superannuation product to help you decide whether it may be suitable for your needs.
Remember to tell your employer you’ve joined Russell Investments super. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.
Russell Investments super FAQs
Who owns Russell Investments super?
Russell Investments is a global company that was first established in 1936 in Tacoma, Washington state, USA, by Frank Russell. It now serves clients in 32 countries, including Australia.
How is my super invested with Russell Investments super?
The fund’s iQ Super product offers members 23 investment options to choose from, including from defensive to high growth, preferred sector, outcome and responsible shares locally or globally.
The MySuper investment option, GoalTracker, automatically invests your super based on information it knows about you (such as age), through a diversified portfolio invested across a range of asset classes.
When you’re younger, your investment strategy will have a higher allocation to growth assets to help grow your super balance. As you approach retirement, it will increase your allocation to defensive assets to help protect your savings.
Does Russell Investments offer an ethical investment option?
Russell Investments says responsible investing is intelligent investing. It has integrated material environmental, social and governance (ESG) considerations into its relevant investment practices, including research, portfolio management and active ownership.
Responsible Australian Shares and Responsible Global Shares are among the 23 investment options available for your super.
Russell Investments says it has been recognised again by Responsible Investment Association Australasia as a Responsible Investment Leader 2021.
What fees does Russell Investment charge?
Russell Investment charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its ongoing annual fees and costs on its iQ Super – For Life product include:
- Investment fee: estimated to be 0.63% p.a.
- Administration fee: estimated to be 0.286% p.a. on balances up to $1 million, no additional fee on balances beyond $1 million. There is also a fixed fee of $78 p.a. plus 0.02% to 0.05% per year of your total account balance.
- Transaction costs: estimated to be 0.13% p.a.
- Financial advice: Some free advice available, more comprehensive advice may incur a fee after the first free consultation, but should you need financial planning then you can be referred to a licensed financial adviser.
- No switching fees.
To learn more about super fees and what the various fees are charged for, read our explainer on super fees.
Consider checking the relevant Russell Investments PDS for details on all fees and charges. You can also compare the annual fees for Russell Investments’s default investment option to other super funds’ fees on Canstar’s database.
Can I consolidate my super with Russell Investments?
Russell Investments says you can consolidate your super by logging into your Russell Investments account online, or you can use the company’s app, access a rollover form you can complete and return by post, or you can call its helpline on 1800 555 667.
You may be able to consolidate any multiple accounts via your myGov account.
It’s important to check with your current super fund(s) for information regarding any related costs you may incur and any insurance cover you may lose if you switch super funds. Also consider whether consolidating your super is a suitable decision for your life stage and retirement goals.
What should I check on my annual super statement from Russell Investments?
To help you stay on top of your super, it may be beneficial to check your regular super statement closely. Here are some of the factors that could be worth paying attention to:
- Are your personal details up-to-date?
- Are your nominated beneficiaries up-to-date?
- Is your Tax File Number (TFN) correctly recorded?
- Are the super contributions from your employer and/or your voluntary contributions correct?
- Are your investment asset class choices appropriate for your life stage?
- Are you happy with the amount you’re paying in fees?
- Is your insurance still adequate for your needs?
- Have you decided whether to consolidate your super, after checking whether there is insurance or any other benefits attached to the account you may lose and if you’re comfortable to do so?
- The big picture – are you happy with your super fund overall?
About Russell Investments
Russell Investments says it has $429 billion in assets under management globally, as of March 2021. The company was originally founded in 1936. Its global headquarters are in Seattle, but it has offices around the world, including Sydney and Melbourne.