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Types of StatePlus Super accounts
StatePlus offer accumulation plans, defined benefit funds and retirement income streams. The exact type of funds you can apply for depend upon when you commenced employment with the Australian public service and if you are a federal or state employee. Most members are eligible to join the Tailored Super Plan.
While StatePlus offers a range of super funds, they generally offer you a choice of ten different investment option. These are:
- Cash
- Fixed Term
- Fixed Interest
- Capital Stable
- Moderate
- Balanced
- Growth
- Growth Plus
- Australian Equities
- International Equities
There are a few benefits available to StatePlus members who have a super account, including:
- Insurance in super available for death cover (life insurance), and total and permanent disability (TPD) cover
- Easy online account access
- Financial advice
At the time of writing (31/07/2018) StatePlus charges annual fees based on your total balance. In the Tailored Super plan, for example, this includes a 0.7% management fee plus a 0.01% government costs and levies charge. A performance fee may also apply, which was an estimated 0.03% in the 2016/2017 financial year.
With this in mind, be sure to compare the annual fees charged by StatePlus 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 StatePlus does not.
Eligibility to join StatePlus Super
To apply for a StatePlus Super fund, you must be able to satisfy the following criteria:
- 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
- Be a public sector employee
If you are under the age of 18, but earning more than $450 before tax per month, you must be working more than 30 hours per week to qualify for super.
How to join StatePlus Super
Because you can only join StatePlus Super if you are a public sector employee, joining StatePlus is a bit different than the process with other super funds. Talk to your employer to find out more.
Be sure to compare super funds on the Canstar website and check our choosing a super fund checklist before signing up for a particular superannuation account.
