Types of Spaceship superannuation products
Spaceship currently offers two super products: GrowthX and Global Index.
GrowthX is described by Spaceship as “a diversified portfolio with technology at its core”. Members with their super in GrowthX could see their super invested in companies such as Google, Apple and Netflix, while maintaining some slightly more ‘traditional’ investments in the banking and resources sectors. It is comprised of:
- 25% Australian shares
- 62% international shares
- 6% Australian listed property
- 5% Australian fixed interest
- 2% cash
Annual fees at the time of writing (2/7/18) include $78 plus 0.99% of your balance.
Global Index is described as having “more diversification” and “less fees”. Its portfolio is less tech-heavy, and has more ‘traditional investments’ in companies such as the big banks, Amazon, Microsoft, and IBM. It is comprised of:
- 10% Australian shares
- 80% international shares
- 3% Australian listed property
- 5% Australian fixed interest
- 2% cash
At the time of writing (2/7/18) it charges a $78 fee and 0.65% of your balance annually.
There are a few benefits available to Spaceship members who have a super account, including:
- Exposure to tech companies, which other super funds may not invest in
- A choice of two investment options
- A simple sign-up and rollover process
However, individuals considering joining Spaceship should note that, unlike many industry and retail funds currently in operation, Spaceship does not offer life insurance of any kind, or access to financial advice. Its range of investment options could also be considered limited when compared against the investment options offered by other, more traditional funds.
With this in mind, be sure to compare the annual fees charged by Spaceship (detailed further down the page) against the fees charged by other funds, keeping in mind that other funds with similar or higher fees may be providing additional products and services that Spaceship does not.
Eligibility to join Spaceship
Spaceship 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
If you are under the age of 18, and earning more than $450/month before tax, you may need to be working more than 30 hours per week to qualify for a superannuation account.
How to join Spaceship
You can apply to join Spaceship by visiting the Spaceship website and following the sign-up process. Spaceship advises it may take as little as five minutes to complete.
Spaceship Superannuation FAQs
Yes, Spaceship members manage their super online. You should also be able to view your account balance, access statements for your account and download super fund information.
The money in your Spaceship super account is invested by your super fund. It offers two investment options, both of which are outlined above.
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 comparison table near the top of the page shows the total fee cost per year to have a super account with Spaceship. Compare these fees to the average super fund fees on our database, as fees are an important consideration when selecting a fund.
Yes, Spaceship offers a consolidation service for members who have super in other funds.
It’s important to check with your current super fund(s) for information regarding costs such as exit fees and any insurance cover you may lose if you switch super funds.
Spaceship is a superannuation start-up launched in 2017 after receiving funding from a number of private investors. It brands itself as a super fund for millennials, saying that “young people have changed, but their super hasn’t.”
It currently manages over $100 million in net funds, and received approximately $50 million in funding from various backers in November 2017.
Before that it received $1.6 million in its first seed round towards the end of 2016, and received $1 million from Silicon Valley billionaire Peter Thiel in June 2017.