What's the best industry super fund?

Some of the best-performing industry super funds include Hostplus, AustralianSuper, Australian Retirement Trust, UniSuper and Cbus.

What's the best super fund for age 30?

While you're in your 30s you still have 30+ years for your super to be invested and benefit from compound returns, so it'd best to stay invested in a growth or high growth option.

What's the best super fund for someone starting their first job?

If you're starting work and looking for a super fund, look for a fund with low fees and high long-term returns. Your balance will start off small, so you don't want this already small amount of money eaten away by excessive fees.

What types of super funds can I choose from?

There are 2 main types of super funds: industry super funds and retail super funds. Both funds invest your money in similar ways, but they are different in the way they're owned and managed. Industry super funds are independently run and owned by members, while retail funds are owned by major banks, insurance companies or other financial organisations. Industry super funds typically have lower fees.

Should I change my super to an SMSF?

An SMSF tends to suit people with a larger super balance to invest. ASIC's Moneysmart does not set a minimum SMSF balance, but it does say your starting balance is relevant to how cost-effective the fund will be. This is because SMSFs can be quite expensive to run and maintain, especially compared to a typical super fund. If you've got a large balance to invest, investment expertise and experience and an understanding of the legal framework, it could be something worth looking into. But keep in mind there are a lot of legal requirements you need to keep up with, as well as annual fees and charges.

How do I change super funds?

Once you've found the new fund you want to join, complete the online application form to become a member. Throughout this process you can elect to have your previous super fund transfer your balance over into your new fund. Most of the work is done for you by your new fund. For a more detailed guide on how to do this, take a look at our article on how to change super funds in 4 steps.

Can I have multiple super funds

Yes, you can have multiple super funds, but it's not a good idea to do so. If you had more than one fund, you'd be paying multiple sets of fees which would eat into your retirement balance. If you've got more than one fund open in your name it's a good idea to consolidate them.

Alison Banney

Editorial Manager, Money

With over 10 years of experience writing about personal finance, Alison has written extensively for a range of financial institutions and publications including Westpac, Money Magazine, Financy, Australian Retirement Trust, Raiz Investments, and Yahoo Finance. Alison is frequently quoted in the media on topics related to superannuation and money management, including in SmartCompany, Financial Standard, Australian Broker News, Australian Business Journal, Super Review, 9Honey, SBS, Qudos Bank, and Inside Adviser. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle and has earned three ASIC RG146 certifications in superannuation, securities and managed investments, as well as general financial advice.

If you’re interested in a media interview with Alison, please reach out to our PR team at aupr@finder.com.

Expertise

Superannuation
Savings accounts, bank accounts and term deposits
Budgeting and money-saving hacks
Managing the cost of living

Experience

Certificate in Financial Advice, which meets the requirements of ASIC Regulatory Guide 146 (RG146).
Certificate in Securities and Managed Investments, which meets the requirements of ASIC Regulatory Guide 146 (RG146).
Certificate in Superannuation, which meets the requirements of ASIC Regulatory Guide 146 (RG146).
Panel member for Finder’s Inflation Masterclass
Panel member for Finder’s EOFY Money Masterclass
Annual Finder Innovation Awards judge for banking, investment and digital disruptor categories