CommBank Essential Super: Performance, features and fees
The Lifestage investment option is a MySuper product that invests your super in line with your age.
The CommBank Essential Super product isn’t available for new members to join, but existing members are able to switch between the different investment options offered. If you’re an existing member, this review outlines the different investment options available to you.
If you’re not an existing CommBank Essentials Super member looking for a new super fund to join, take a look at our super fund comparison instead.
|Name||Commonwealth Essential Super - Lifestage|
|Past 5 year performance||8.13%|
|Annual admin fee||
$70.56 + 0.35% of balance p.a.
|Calculated fees on 50K||$500.56|
|Insurance included||Death, TPD|
|Number of members||292,000|
Key things to know about CommBank Essential Super
- MySuper product. The default Lifestage option is a registered MySuper product.
- Lifestage investment option. The Lifestage investment option does all the work for you, investing your balance in a mix of assets appropriate for your age.
- Four ways to invest. Members can choose from four different ways to invest their super balance.
- Not accepting new members. This fund isn't accepting new members, only existing members can keep their super unvested with CommBank Essential Super.
CommBank Essential Super investment options
There are four ways to invest your super with CommBank Essential Super. If you didn't make a choice when joining the fund, you'll be placed in the Lifestage option, which is the default MySuper product. However, members can switch between these options at any time.
What fees does CommBank Essential Super charge?
Here's an example of the annual fees charged if you're in the Lifestage 1975-79 option, with a $50,000 balance.
- Administration fee: $70.56 plus 0.35% of balance.
- Investment fee plus indirect cost ratio: 0.51%
- Calculated annual fees on $50,000 balance: $500.56
Each investment option charges slightly different annual fees.
What default insurance cover does CommBank Essential Super offer?
All members will receive default Death and Total and Permanent Disablement (TPD) cover when joining. You can choose to opt out of insurance when joining or any time after joining.
How do I join CommBank Essential Super?
CommBank Essential Super isn't available for any new members to join. Existing members can still switch between the different investment options outlined above and adjust their insurance cover.
If you're looking for a new super fund to join, take a look at our super funds comparison instead to see the available funds.