UniSuper superannuation

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UniSuper is an industry super fund that provides personal superannuation and account-based pension products. While the fund is open to all eligible Australian residents, some of its products are restricted to certain higher education workers. Here’s an overview of its super products.

Types of UniSuper super accounts

UniSuper Personal Account

UniSuper says its Personal Account enables members to take it with them from job to job and make extra contributions. This product is open to people living in Australia who are 15 years of age and older. The Personal Account comes with two main investment options:

Pre-mixed options: These are made up of a mix of assets chosen by UniSuper to match various risk, growth and sustainability objectives. Options include Conservative, Conservative Balanced, Balanced, Growth, High Growth, Sustainable High Growth and Sustainable Balanced.

Sector: This investment option allows members to build their own portfolio based on single asset classes that can be mixed and matched or combined with the Pre-Mixed options above. UniSuper says those who choose this approach will need to be a little more “hands-on” with managing their super portfolio. Asset options include Cash, Australian Shares, International Shares Australian Bond, Listed Property, Australian Equity Income, Global Companies in Asia, Global Environmental Opportunities, Diversified Credit Income.

In addition, UniSuper says its Personal Account offers the following features:

  • Insurance options through your super (underwritten by TAL): Death cover, Total and Permanent Disablement (TPD) cover and Income Protection cover.
  • Pension options that allow members to move their super into a retirement account.

Other UniSuper superannuation options

In addition to its Personal Account, UniSuper offers the following superannuation products:

Defined benefit division: UniSuper says its Defined Benefit Division (DBD) is designed to provide “reliable growth” over the member’s life a level of confidence of how much they will have to retire on. The DBD is open to eligible higher education employees receiving 14% or 17% employer contributions, according to UniSuper.

Accumulation 1: Accumulation 1 is generally intended for those working at a university or in the research sector and receiving 10% super, UniSuper says. The product can be retained by members even if they leave the higher education sector.

Accumulation 2: Accumulation 2 is generally open to those who have been with UniSuper in its DBD product for less than two years. It offers investment choice and insurance cover, UniSuper says.

How to join UniSuper 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 UniSuper’s product disclosure statement (PDS), which could help you decide whether its product offering is suitable for your needs.

If you decide to join UniSuper and meet the eligibility criteria, you can apply to open an account via its website UniSuper .To join, you need to be living in Australia and be aged 15 or over.

If you are starting work at a university and choose to join UniSuper, it says you won’t need to apply on its website, as your employer will automatically set up an account for you.

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UniSuper FAQs

UniSuper offers sustainable investment options through both its pre-mixed and sector-based investment streams. The pre-mixed options are Sustainable Balanced and Sustainable High Growth, while the sector-based option is Global Environmental Opportunities, which invests in a diversified portfolio of securities, such as international companies whose business activities seek to address environmental issues and opportunities, UniSuper says.

UniSuper charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, UniSuper says that it charges the following fees to members who use its Personal Account, Accumulation 1, Accumulation 2 and DBD options:

  • Administration fees: $96 or 2% of your account balance (whichever is less) per year (maximum $8 per month). For the DBD product, the admin fee is $221 per year.
  • Investment fees: 0.40% per year.
  • Transaction costs: 0.06% per year.
  • Investment switching fee: $0 for the first switch per account each financial year and $9.85 for each subsequent switch within that financial year.

Bear in mind that other fees may apply and some costs may vary depending on the investment option you choose. Consider checking UniSuper’s product disclosure statement (PDS) for details. You can also compare the annual fees for UniSuper’s default investment option to other super funds’ fees on Canstar’s database.

Yes, UniSuper offers a consolidation service for its members. Members can either do this online by logging into your account or by filling in an application form. UniSuper says you will need your tax file number.

Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits. You can contact UniSuper directly for further information.

UniSuper was founded in 1982 and has become one of Australia’s largest super funds with more than 450,000 members and $100 billion in funds under management, as at September 2021. It specialises managing super for people employed in the higher education and research sector, but the fund is open to all eligible Australian residents.

 

This article was reviewed by our Finance and Lifestyle Editor Shay Waraker before it was updated, as part of our fact-checking process.


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Written by: Sean Callery | Last updated: October 1, 2021