Australian Catholic Superannuation Account Review

Australian Catholic Super Lifetime - Grow
Australian Catholic Super Lifetime - Grow
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Australian Catholic Super is a fund guided by Catholic values which helps you plan for your future.

Australian Catholic Super is a profit-to-member super fund designed to help Australians plan for their future. Historically the fund was closed to those working in Catholic education, healthcare, aged care and welfare, but is now open to everyone. You have the option of getting Australian Catholic Superannuation to manage your investment options through the default MySuper option called LifetimeOne, with the asset allocations adjusting according to your age. Alternatively, you can take a more active role by choosing from a range of investment options on offer.

Product Name Australian Catholic Super Lifetime - Grow
Past 5 Year Performance N/A
Administration fee $78.00 p.a. + 0.25% (Max fee of $2,000 p.a.)
Calculated fees on $50,000 $683.00
Insurance included Death, TPD, Income Protection
Number of members 92,000

Australian Catholic Super is a fund guided by Catholic values which helps you plan for your future.

Australian Catholic Super is a profit-to-member super fund designed to help Australians plan for their future. Historically the fund was closed to those working in Catholic education, healthcare, aged care and welfare, but is now open to everyone. You have the option of getting Australian Catholic Superannuation to manage your investment options through the default MySuper option called LifetimeOne, with the asset allocations adjusting according to your age. Alternatively, you can take a more active role by choosing from a range of investment options on offer.

The list of awards and honours Australian Catholic has earned

  • Conexus Financial Superannuation Awards, 2017. Australian Catholic Super was awarded the Innovation and Transformation Award for its account-based pension product RetireSmart.
  • Australian Business Awards, 2017. Award for Process Improvement
  • Industry Fund Services (IFS) Professional Development Conference. Awarded the Team of the Year Award and Financial Planner of the Year Award (2016 and 2017)

Read on to learn more about how you can invest.

Key features

  • MySuper option
  • Profit-to-member fund
  • Flexible insurance cover
  • Access to financial advice and banking services
  • Online self-management
  • Diverse investment options

Investment choices

Australian Catholic Super offers you 14 different investment options depending on how hands-on you want to be with your super, including the default MySuper product, which is based on your age. These options are detailed below.

Fees

Australian Catholic Super has a number of fees and other costs which you should consider before deciding to open an account. Standard fees relating to your account administration and your investments management will be deducted from your account regularly, while other fees such as financial advice and insurance will be deducted depending on your choices. It’s important to note that fees may vary between each investment option.

ProductFees
LifetimeOne
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.53%
  • Annual indirect cost ratio: 0.43%
Shares
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.26%
  • Annual indirect cost ratio: 0.18%
High Growth
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.41%
  • Annual indirect cost ratio: 0.35%
Growth
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.48%
  • Annual indirect cost ratio: 0.37%
Socially Responsible Balanced
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.57%
  • Annual indirect cost ratio: 0%
Conservative Balanced
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.46%
  • Annual indirect cost ratio: 0.37%
Conservative
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.37%
  • Annual indirect cost ratio: 0.28%
Australian Shares
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.26%
  • Annual indirect cost ratio: 0.20%
International Shares
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.26%
  • Annual indirect cost ratio: 0.17%
Property
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.92%
  • Annual indirect cost ratio: 1.52%
Bonds
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.25%
  • Annual indirect cost ratio: 0.38%
Credit Income
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.27%
  • Annual indirect cost ratio: 0.02%
Cash and term deposit
  • Annual admin fee: $1.50 per week plus 0.25% of your account balance (capped at $2,000)
  • Annual investment fee: 0.09%
  • Annual indirect cost ratio: 0.00%

Other fees and costs

  • Australian Catholic Super has an arrangement with Industry Fund Services to provide financial planning services on a fee-for-service basis. If you select this service, the costs will be outlined in a Statement of Advice provided by a financial planner.
  • Insurance premiums if you have insurance cover in Australian Catholic Super.
  • An exit fee of $55 is deducted from your account when you withdraw all or part of your account balance.

Example of annual fees and costs for a LifetimeOne account with a balance of $50,000:

Investment fees$265 (0.53% p.a.)
Administration fees$78 plus $125 ($78 plus 0.25% of your balance)
Indirect costs$215 (0.43% p.a.)
Total$683

For a more detailed breakdown of fees and additional charges always read the PDS available on the website.

Insurance

As an Australian Catholic Super employer-sponsored member you will receive automatic death, total and permanent disability and income protection cover.

As a personal member you will receive default death and TPD cover. Your age and employment status will determine the amount of cover you automatically receive and how much it costs.

Automatic cover (employer sponsored)

If your employer offers a Australian Catholic Superannuation fund then you’ll automatically have access to three types of insurance:

  • Death cover (including terminal illness cover), which pays a lump sum to your elected beneficiaries if you die or suffer a terminal illness;
  • Total and permanent disablement cover (TPD), which pays a lump sum if illness or injury means you are unlikely to ever be able to work again; and
  • Income protection (IP), which pays you a monthly income while you’re temporarily unable to work due to illness or injury.

Insurance will automatically be added to your account and premium deducted when you open an account with Australian Catholic Super. You can elect to opt-out.

Pros and cons

Pros:

  • MySuper authorised account
  • Socially Responsible investment option
  • Death, TPD and income protection insurance available

Cons:

  • No mobile app
  • Exit fee applies

How do I apply?

If you’ve decided to select this fund you can open an account online by clicking the green "Go to Site" button at the top of this page.

Make sure you have:

  1. A spare ten minutes
  2. Your personal details, including your name, address, date of birth and contact information
  3. Your Tax File Number (it's not compulsory to give your super fund your TFN, but without it your fund won’t be able to accept certain types of contributions from you, and your benefit payments may be taxed at a higher rate than would otherwise apply)
  4. Your employer’s details

To sign up for an account you must be:

  • An Australian resident
  • Over 12 years of age
  • Earning at least $450/month before tax

Consolidating your super

If you’ve changed jobs or switched industries it’s likely that you’ll have multiple super accounts and be paying fees on all these accounts. You can ask Australian Catholic Super to search the ATO for any other super you may have via the application form.

Managing your account

You can access your super balance and account details online 24/7 via the member portal.

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