AustralianSuper Review | Performance, features and fees
Choose from an extensive range of investment options to tailor superannuation to suit your retirement needs.
AustralianSuper is an industry super fund run only to benefit its members, not to create profits for shareholders. It manages over $100 billion in assets on behalf of more than 2.1 million members, making it Australia’s largest industry super fund.
If you’re thinking of joining AustralianSuper, read on to find out what this fund offers to its members.
Past 5 year performance
Calculated fees on $50,000 balance
|Name||AustralianSuper - Pre-mixed, Balanced option|
|Past 5 year performance||7.84%|
|Annual admin fee||
|Calculated fees on 50K||$467.65|
|Insurance included||Death, TPD, Income Protection|
|Number of members||2,279,000|
What are the key features of AustralianSuper?
AustralianSuper members can access a range of competitive features, such as:
- Wide range of investment options. AustralianSuper offers a broad range of investment options so you can tailor your super in line with your risk tolerance.
- Socially responsible investment option. There's a socially responsible pre-mixed, diversified investment option available for members looking for more ethical investments.
- Mobile app. The AustralianSuper mobile app makes it easy to access your super on the go. You can use the app to check your balance, change the way your super is invested, update your details and more.
- Educational tools. AustralianSuper members can access a variety of seminars and educational programs to help you understand how super works and better manage your investments.
- Financial advice. Members can also access a wealth of online financial advice and planning tools to help you take control of your finances. Fee-for-service financial planning is offered as well.
- Discounted financial products. As a member of this fund, you’re entitled to discounted rates on banking products with Members Equity Bank and health cover with GMHBA health insurance.
- Member Direct. Designed for members who want more control over their super, this option lets you invest in the S&P/ASX 300 Index, Exchange Traded Funds (ETFs) and term deposits all from one online account. Features include real-time trading and access to extensive independent research and investment tools to help you get more out of your super.
- Investment performance. While past performance is not a reliable indicator of future results, AustralianSuper's investment options have regularly outperformed the relevant benchmarks over the past 10 years.
- Easy fee structure. The fee structure is easy to understand.
What investment options does AustralianSuper offer?
AustralianSuper offers three types of investment options for you to choose from – PreMixed, DIY Mix and Member Direct. Each option is designed to suit the risk tolerance, investment timeframe and level of control desired by a variety of investors. If you don’t want to choose an option, your super will be invested in the MySuper-compliant PreMixed Balanced Investment option.
What are the fees?
Annual admin fees, investment fees and indirect costs apply to your balance. These fees vary between the different investment options.
Example of annual fees and costs on a balance of $50,000 in the PreMixed Balanced option (MySuper option)
Administration fees: $137.65
Indirect costs including investment fees: 0.66%
Calculated annual fees: $467.65
What insurance does AustralianSuper offer?
As part of being a member of AustralianSuper, you can access the following types of insurance cover through your super:
- Income protection cover. This pays a monthly benefit for up to 2 years if you’re unable to work due to illness or injury, while you can also apply for extended cover up to the age of 65. You can read more about AustralianSuper income protection in our separate review here.
- Total and permanent disablement cover. This type of cover provides a lump sum payment if you become totally and permanently disabled and can no longer work. You can read more details of this cover here.
- Death cover. This policy provides a lump sum payment when you die, allowing you to provide for your loved ones and help them repay debts. You can read more on this cover here.
How do I join AustralianSuper?
If you’d like to join AustralianSuper, click the green ‘Go to Site button’ on this page. You’ll be taken to the AustralianSuper website where you can complete an online application in around 15 minutes. You’ll need to provide:
- Your personal details, including your name, address, date of birth and contact information
- Your Tax File Number (you do not have to give your super fund your TFN but if your fund doesn’t have your TFN it 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)
- Details of your employer
Once you’ve completed the application you will immediately receive your member number. A confirmation email will also be sent to you, and your membership application will be processed once you make the first contribution into your account. Your account and any insurance you have chosen will also become active once this first contribution has been received.
A welcome pack, which includes your AustralianSuper online account details, will then be mailed to you.
If you’re searching for a super fund to help you save for retirement, AustralianSuper is worth a closer look. Compare its features, fees and investment options with those of other funds before deciding whether it’s right for you.DISCLAIMER: This article may contain general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.