VicSuper Superannuation

Who owns VicSuper?

In 2020, VicSuper merged with Aware Super (formerly First State Super). VicSuper was originally established as a Victorian public sector fund.

How is my super invested with VicSuper?

VicSuper offers a choice of nine investment options at the time of writing:

• Growth (MySuper)
• Equity Growth
• Socially Conscious
• Balanced
• Capital Stable
• Capital Secure
• Australian Shares
• Cash
• Term Deposit

You can choose to invest in one option or a combination of options. You can also switch investment options at any time for no fee, according to VicSuper.

If you don’t make a decision as to how your money will be invested, VicSuper says members will be invested into the Growth (MySuper) option. This option has a target allocation to growth assets of 75% and may be suited to those with a high risk tolerance and a seven-year plus investment time frame.

For more details on what each VicSuper investment option entails, you can contact VicSuper or read the PDS and other documentation on its website.

Does VicSuper offer an ethical investment option?

VicSuper offers a Socially Conscious investment option, which is certified by the Responsible Investment Association of Australasia (RIAA). This option excludes investments considered to have a highly adverse environmental or social impact through its screening criteria. VicSuper says it has climate change screens (including coal, and oil and gas), ethical screens (including tobacco, gambling, alcohol, nuclear power and live animal exports) and conventions and controversies-based screens (including controversial weapons and corporate controversies).

VicSuper says it also integrates environmental, social and governance (ESG) considerations into its investment processes across all of its investment options and asset classes.

What fees does VicSuper charge?

VicSuper charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its fees on its FutureSaver product include:

• Investment fee, which may vary depending on your investment options. It currently ranges from 0% p.a. to 1.02% p.a.
• Administration fee, which includes an account-keeping fee and an administration fee. The account-keeping fee is currently $52 p.a. or more, calculated daily and deducted monthly. The administration fee is currently 0.15% p.a. capped at $750 p.a. ($62.50 per month), calculated and deducted monthly.

Bear in mind that other fees may apply. Consider checking VicSuper’s PDS for details. You can also compare the annual fees for VicSuper’s default investment option to other super funds’ fees on Canstar’s database.

Can I consolidate my super with VicSuper?

Yes, VicSuper says you can find lost and other super by using the ‘Consolidate’ tab in MembersOnline. You will need to verify your identity and enter your TFN if you haven’t already supplied it.

It’s important to check with your current super fund(s) for information regarding any related costs 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 statement from VicSuper?

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?
• 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?

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About VicSuper

VicSuper was established in 1994 as a Victorian public sector fund. In 2020, It merged with Aware Super (now First State Super) to become one of the biggest super funds in Australia. Overall, members from Victoria make up almost half of the total membership.