Bendigo SmartStart Superannuation | Super Fund Review
Bendigo SmartStart Super offers several investment options with low fees, including an authorised MySuper product.
Bendigo SmartStart Super offers two main ways to invest; one that puts you in control of investment decisions, and one that is managed for you. It offers low fees that are competitive with other super products in the market, and has shown strong performance over the past five years. It also provides an authorised MySuper product that complies with government regulations. Read on to learn more about the two ways to invest.
Past performance - 1 year
Past performance - 5 Years
Annual fees on $50k balance
How to invest
Bendigo SmartStart Super offers two ways to invest, depending on how "hands-on" you wish to be with your fund. These two options are detailed below.
Option 1: Bendigo MySuper
This option is the default investment option when opening the fund, if you do not wish to choose your investment strategy. This option is a no-frills, authorised MySuper product, enabling employers to make compulsory superannuation guarantee contributions to employees who don’t select their own fund.
Your investments are completely managed for you and follow a lifestage investment strategy, as described below:
|Under 55 years||Aged 55 - 59||Aged 60+|
|Investment option||Bendigo Growth Index Fund||Bendigo Balanced Index Fund||Bendigo Conservative Index Fund|
|Risk Level||High Risk (band 6)||Medium to High Risk (band 5)||Medium Risk (band 4)|
|Past 5 year performance*||11.25% p.a||9.35% p.a||7.49% p.a|
|Target asset allocation|
Option 2: Choose your own investment
If you want to choose your own investments and prefer a "hands-on" approach, this option allows you to choose between up to 13 investment options. These include a variety of managed funds and a cash product, and a newly launched socially responsible investment option.
You can choose from the investment options below as well as the three investment options listed above in the MySuper fund. You can also choose to invest in a cash product.
|Past 5 year performance*||Asset allocation|
|Bendigo Defensive Wholesale Fund||5.65% p.a|
|Bendigo Conservative Wholesale Fund||7.31% p.a|
|Bendigo Balanced Wholesale Fund||9.11% p.a|
|Bendigo Growth Wholesale Fund||10.51% p.a|
|Bendigo Socially Responsible Growth Fund||N/A as it’s a new product|
|Bendigo High Growth Wholesale Fund||12.14%|
|Bendigo Defensive Index Fund||5.67%|
|Bendigo High Growth Index Fund||12.79%|
|Sandhurst Strategic Income Fund (available through Bendigo SmartStart pension )||3.74%|
*The investment performance and asset allocation was correct as of 31 August 2017. Past performance is not an indicator of future performance.
Bendigo SmartStart Super has an annual admin fee of $98 which is deducted from your account in monthly installments.
The Bendigo MySuper product (as detailed above in option one) applies an indirect cost as a percentage of the account balance, as follows:
- Bendigo Growth Index Fund: 0.457% p.a
- Bendigo Balanced Index Fund: 0.430% p.a
- Bendigo Conservative Index Fund: 0.411% p.a
For investment option two where you select your own investment mix, each managed fund has its indirect cost as listed below:
- Bendigo Defensive Wholesale Fund: 0.60%
- Bendigo Conservative Wholesale Fund: 0.72%
- Bendigo Balanced Wholesale Fund: 0.82%
- Bendigo Growth Wholesale Fund: 0.92%
- Bendigo High Growth Wholesale Fund: 0.99%
- Bendigo Defensive Index Fund: 0.39%
- Bendigo High Growth Index Fund: 0.46%
- Sandhurst Strategic Income Fund: 0.45%
There are no setup or exit fees, or fees for switching investment options. For a more detailed breakdown of fees and charges always read the PDS available on the provider's website.
Automatic Death and Total Permanent Disablement (TPD) insurance is applied to your account when joining. You can opt out of this if you wish either when you apply or after your account is opened, or tailor it to better suit your needs. You can also apply for Income Protection cover if needed, or transfer cover over from your previous policy. All insurance premiums are deducted from your super account directly.
Pros and Cons
- Authorised MySuper product available
- Strong past performance for some investment options
- Choose to opt out of or tailor your insurance
- Roll over existing super online
- Must be over 18 years old to apply online
- No mobile app available
How do I apply?
If you’ve decided this is the super fund for you, you can apply online in less than 10 minutes by clicking the green "Go to Site" button at the top of this page. You’ll be securely redirected to Bendigo Bank’s site where you can complete your application. Please note you must be over 18 years old to apply online.
You will need to supply:
- Personal details. You’ll need to provide you personal contact details including your Australian residential address.
- Previous super fund details. If you’d like to roll over your existing fund into the new fund online, you will need your current fund details.
You will need to select:
- Investment option. You’ll be asked to select your investment option out of the two options detailed about, so have a think about this before beginning your application.
- Insurance instructions. You’ll be asked if you’d like to opt out of or tailor the default insurance policies.