Compare super funds: The ultimate superannuation comparison guide
Here's how to find the right super fund for your needs.
While superannuation is the main way of saving for retirement and is mandatory in Australia, there are many different funds available. Finding the right one for you can be extremely beneficial and all Australians should take the time to make sure they've found the best option for their needs. However, what you consider to be the "best" depends on your situation, including your age, appetite towards risk and also your personal preference.
This guide looks in depth at all the factors you need to consider when choosing a super fund and compares some of the best super fund options side-by-side, including fees and investment performance.
Virgin Money Super
Virgin Money Super - Lifestage Tracker (1969 - 1973)
MySuper fund available
Manage your account online 24/7
Automatic Death and TPD cover
Virgin Money Super
Boasting competitive fees and a choice of eight investment options, Virgin Money allows you to tailor a superannuation investment plan that meets your needs. Earn Velocity Frequent Flyer Points on eligible contributions (T&Cs apply) and receive personal advice through Virgin’s Helpline Advice Service.
Use our comparison table to compare super funds based on performance, fees and insurance options.
*Past performance data is for the period ending December 2018.
Understanding superannuation
The first step to choosing the right super fund for your needs and having adequate funding for your retirement is understanding what super is, how it works and how much of your income should be contributed towards it.
Use this guide to understand how superannuation works in Australia, how much your employers should be contributing towards your super, what the current superannuation guarantee rate is and what it will be in the future.
Since super is a key source of your income during retirement, it's important to consider certain factors when you compare super funds in order to choose the right one for your circumstances, tolerance for risk and life stage.
This guide breaks down the steps you should consider taking when comparing and selecting a super fund and how investment and insurance options, historical performance and fees can all have a significant impact on your super balance.
There are two main types of super funds: accumulation funds and defined benefit funds. Defined benefit funds are very rare, so this guide discusses accumulation funds in detail. There are various types of accumulation funds available to Australians, which are outlined below. Click on the guides below to find out more about specific types of super funds.
Losing some of your superannuation is easier than you think. If you’ve changed jobs or moved house, you may have some lost super. But don’t worry, you can find your lost super and claim it back! If you suspect you may have some lost funds, you can create a myGov online account to search for any missing super.
Find out more about what lost and unclaimed super is and the steps you need to take in order to find it. Once you're able to find your lost super, you can easily claim it back and consolidate it to your current fund. Read this guide to find out how and compare super funds for consolidation.
Because superannuation is designed to fund your senior years, you generally can only access it once you reach retirement. The earliest opportunity you have to access your super is when you reach your preservation age, which is determined by the year you were born as shown in the table here.
There are some situations where you may be eligible to access your super before your preservation age. These include if you have a total and permanent disability, a terminal illness or are experiencing extreme financial hardship. Read our comprehensive guide to find out more.
Individuals can grow their superannuation in four main ways:
Employer contributions. This is the main source of money paid into an individual’s superannuation account. According to the Superannuation Guarantee, an employer must pay at least 9.5% of an employee’s gross salary into their super account every quarter.
Concessional contributions. You can arrange for your employer to pay some of your pre-tax salary into your super fund as an additional contribution. This is beneficial, as the pre-taxed salary will only be taxed at the concessional super rate of 15%, also known as salary sacrifice. However, your contribution allowance is capped at a maximum of $25,000 a year including all your employer and concessional contributions.
Non-concessional contributions. A non-concessional contribution is one you make from your post-tax salary. That means, you’ve already received the money into your account and paid the full tax rate. The cap for these contributions is currently $100,000 a year.
Government contributions. You may be eligible for the government super co-contribution if you earn below a certain salary. This means that if you choose to make non-concessional (post-tax) contributions, the government will add $0.50 for each dollar you deposit. More details on this are in the following section.
If you are eligible for either of these, they will happen automatically if you meet the requirements. It is unnecessary for you to apply directly for them.
The two main ways the government might help grow your super are:
Co-contributions. The government may pay up to $500 per year into your super fund, equal to an amount that is up to 50% of your voluntary super contributions. This may be available if you earn less than $51,813 per year (after tax), and might be especially beneficial if you earn less than $36,813 per year. See the full co-contribution eligibility requirement, and how it works.
LISTO. This is the Low Income Superannuation Tax Offset. Eligible individuals who earn less than $37,000 per year may get up to $500 per year bonus superannuation contributions, generally meant to make sure you aren’t unfairly paying more tax on your super than your take-home pay. Check the LISTO eligibility requirement and see how it works here.
Many people ignore their superannuation without looking after it. This is a mistake, as there are some straightforward steps that will help you maximise your super in the long run. Here are a few suggestions:
Take advantage of tax breaks. Contributions to super made by or on behalf of employees and which are financed out of pre-tax income are taxed, in effect, at 15%. This generates a valuable tax saving for most people, since most employees have a marginal tax rate of at least 32.5%. Direct part of your pre-tax salary into your super and this is a smart way to maximise your savings.
Dump your fund if necessary. Make sure you are constantly monitoring your fund's performance, especially long-term. If the investment option is performing poorly, it's time to do something. You may be able to switch investment options but sometimes you will have to change super funds entirely. It's also important to check insurance fees rather than just the fund's performance.
Accept more risk. Generally the greater the risk the greater the potential return. One of the best ways to get more from your super involves adopting an age-based investment strategy. This includes working out how much risk you can afford to take based on your years to retirement. Age is crucial because if you have more years to your retirement, you'll have more time to recover from a major setback and can comfortably accept more risk.
Start early, make more. Starting to save from an early age can make a huge difference to how much you have when you retire, mainly due to the power of compounding. For example, if someone saved $10,000 a year for 20 years while someone else saved the same amount for 35 years, both earning a return of 6% a year, the 20-year compounding amount would generate $367,856 compared to the 35-year saver which would generate $1,114,348 – more than three times as much.
Superannuation is designed to help Australians save for retirement, so it’s taxed at a much lower rate than your regular income. Super is taxed at 15%, compared to your regular income which can be taxed as high as 45% depending on your income.
You gain the tax benefit through concessional contributions, such as your employer paying you the superannuation guarantee or if you choose to contribute extra to your super out of your pre-taxed income. However, the amount you can add to your super each year to get the tax benefit is capped.
Generally, Australians are quite disengaged from their superannuation. If you don’t monitor it regularly, how do you know how it’s performing? At the very least, super funds are required to send you account statements twice a year which will outline all the contributions made into your account, the fund’s performance and the fees you’ve paid.
However, it’s important to look at your super more than twice a year. Most funds will have an online portal you can log into and see an up-to-date transaction history for your account. This is also where you can make any changes to your insurance cover or investment strategy, if you’re not satisfied with how it’s performing. Some funds also offer a dedicated mobile app so you can keep track of your super on the go, like you would a normal bank account.
When you start a new job, you’ll need to supply your new employer with your Tax File Number, and they will provide you with a form to fill out your superannuation fund details. You can find all the necessary details, such as your fund account number and membership number on your latest account summary or via the online portal. If you’re not sure how to access this, give your fund a call and ask for some assistance getting the details you need.
If you don’t yet have a super fund (for example if it’s your first job) you’ll have the opportunity to select one. If you don’t wish to select your own, employers are required to offer a default fund option called a MySuper fund. A MySuper fund is a basic super fund, with relatively standard fees and an investment strategy that is based on your age. Most major retail and industry funds offer a MySuper product.
There were many changes to superannuation legislation which took effect from July 2017. Some of the key changes that may affect you include but are not limited to:
The annual limit for concessional contributions (pre-tax contributions, including those from your employer) has been lowered from $30,000 to $25,000. The annual limit for non-concessional contributions (after-tax) is now $100,000.
If you earn over $250,000 your concessional super contributions will be taxed at 30% instead of the standard 15%. This has been reduced from $300,000.
If you earn under $37,000, the ATO will refund the tax you paid on super contributions (even the compulsory super paid by your employer). This is capped at $500 a year.
The age from which you’re eligible to start receiving your aged pension began increasing from July 2017. Previously 65, it will slowly increase and reach age 67 by 2023.
Look out for any exit fees or hidden penalties before joining or switching, and check that they don’t cancel out the benefits of changing. Also consider any forms of insurance you may have with your old fund. If you lose this cover by switching funds, it may be harder to get equivalent cover, especially if you are over 60 years of age or have pre-existing medical conditions.
Generally you are able to switch at any time you want, but you should note that cancellation or exit fees may apply. If you’re fortunate enough to have a defined benefit fund, you’ll also want to think twice before abandoning it. It’s also a good idea to do a check for any lost super funds you might have, and consolidate them where possible.
Got it! What now?
Now that you understand how superannuation works and how to choose the best fund for you, it's time to do just that. Head to our comparison table at the top of this page to compare super funds, and click "Go to Site"if you'd like to open an account or learn more about the fund.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over five years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University and a Tier 1 RG146 Generic Knowledge Certification for financial advice.
I am 80 yo and not satisfied with the fees and retuins from my current super and am looking to change to an Inddustry fund and am looking at Hostplus , Aust super and Virgin . What do you suggest.
Thanks for getting in touch! As each person has unique situations, we are not able to suggest one industry fund for you. Our page above shows a list of superfunds and as you have chosen your top 3, the next step you can take is review what they offer as well as their terms and conditions to make sure it fits your needs. To read about the brand, click their name and it will direct you to our review page about them and if you want to go directly to their page, you may search their brand name on any web browser. Hope this helps!
I will be retiring in 3 months, and my superannuation is with a major bank. Can I move to an industry fund at the same time as I change from accumulation to pension phase?
Pension phase or retirement phase is the period during which a super fund pays a superannuation income stream or pension, and the earnings (including capital gains) on those pension assets are exempt from tax. The alternative to a retirement phase is the accumulation phase (and earnings are subject to 15% earnings tax in accumulation phase).
You can move your superannuation to an industry fund and just verify with them if you can have it to a pension phase.
You may want to go through this page to learn more on how to choose a super fund that suits you most.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
I am with legal super, they have taken close to $100,000 out of my account since I stopped working 4 years ago. This seems to be excessive considering I know I selected low risk investments. How should I approach this issue?
If you think you’re paying high fees and costs, it would be best to contact and confirm with Legal Super directly to find out what they are charging you. You can also check with them other important factors like returns, risk and the services the fund provides.
Not all super funds has transition to retirement feature. You may check this page to see more details about this.
Types of accumulation funds are listed above.
If you currently have defined benefit fund and wish to get an accumulated one, you can change fund. Please seek professional advise before switching because once you get out, you can’t switch back to defined benefit fund. I hope this helps.
Hi, I am going through a little bit of research about finding a good super fund for my son who is just starting in the workforce, and have already realized we need advise. He is a BC as he is working in landscaping and I was wondering if anyone could help us with this complicated decision. Is there a super that looks after young investors with low fees and low insurance premiums allowing their money to grow? Who could help us out? Kindly appreciate any response.
Hi I’m wondering if you could help me out I’m in a bad position for a long time now and I’m not having any luck in being able to get out of it I’ve got a crappy credit rating and at the moment well for about 3 1/2 years I’ve been unable to secure work so my hole just keeps getting bigger I’ve got 2 super funds both with the same sort of amount in them
So I’m wanting to have about $8,000 released from one of them but Centerlink is more concerned with putting me further in debt and on the street with my daughters who are 11 years old and 14 years old and in doing this we would loose everything we have to our names and truthfully we can not go through that again as we lost every thing we had and we also have had to Come to terms with loosing my baby boy who was 3 years old this all happened in a house fire and now since the break down of my marriage and my ex wife leaving and abandoning my daughters we are on the verge of being homeless and with out any thing I’ve had to sell my tools of my trade my vehicle has given up andblue
Thanks for your time I
And I’m hoping for mine and my daughters sake I hope that you are able to help us with this
– Certain compassionate grounds, like to prevent the foreclosure of your home, paying medical bills, disability expenses or covering funeral costs
– Serious financial hardship, including to cover reasonable immediate living expenses for your family, such as loan repayments, rent arrears, car repairs, medical costs and overdue bills
– In the event of you being temporarily or permanently incapacitated
– If you are diagnosed with a terminal disease or injury
In the meantime, in case you may want to reconsider looking for a lender who might offer you a loan, please check this page. Though the amount you can borrow and your approval would be on a case by case basis depending on the lender, so best to get in touch with them before you submit your application to discuss your options/eligibility.
Hi – are you able to send me a list of all Brisbane based super funds? I can see all fund but can narrow the search to Brisbane based only. I am interested in funds that have a head office in Brisbane only.
Hi i ‘ve got a problem that i transfer my money error to my superannuation when i’m doing online transfer. Could you please help me to find out any solution? If you need more detail, i can provide you.
Hope to hear from you soon.
Thanks
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I am 80 yo and not satisfied with the fees and retuins from my current super and am looking to change to an Inddustry fund and am looking at Hostplus , Aust super and Virgin . What do you suggest.
Hi Wayne.
Thanks for getting in touch! As each person has unique situations, we are not able to suggest one industry fund for you. Our page above shows a list of superfunds and as you have chosen your top 3, the next step you can take is review what they offer as well as their terms and conditions to make sure it fits your needs. To read about the brand, click their name and it will direct you to our review page about them and if you want to go directly to their page, you may search their brand name on any web browser. Hope this helps!
Best,
Nikki
I will be retiring in 3 months, and my superannuation is with a major bank. Can I move to an industry fund at the same time as I change from accumulation to pension phase?
Hi Grahame,
Thank you for getting in touch with finder.
Pension phase or retirement phase is the period during which a super fund pays a superannuation income stream or pension, and the earnings (including capital gains) on those pension assets are exempt from tax. The alternative to a retirement phase is the accumulation phase (and earnings are subject to 15% earnings tax in accumulation phase).
You can move your superannuation to an industry fund and just verify with them if you can have it to a pension phase.
You may want to go through this page to learn more on how to choose a super fund that suits you most.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
I am with legal super, they have taken close to $100,000 out of my account since I stopped working 4 years ago. This seems to be excessive considering I know I selected low risk investments. How should I approach this issue?
Hi Rebecca,
Thanks for getting in touch.
If you think you’re paying high fees and costs, it would be best to contact and confirm with Legal Super directly to find out what they are charging you. You can also check with them other important factors like returns, risk and the services the fund provides.
Hope this helps.
Cheers,
May
Do all super funds have transition to retirement and if not is there anything that can be done about it?
Hi Sonny,
Thank you for your comment.
Not all super funds has transition to retirement feature. You may check this page to see more details about this.
Types of accumulation funds are listed above.
If you currently have defined benefit fund and wish to get an accumulated one, you can change fund. Please seek professional advise before switching because once you get out, you can’t switch back to defined benefit fund. I hope this helps.
Regards,
Jhezelyn
Hi, I am going through a little bit of research about finding a good super fund for my son who is just starting in the workforce, and have already realized we need advise. He is a BC as he is working in landscaping and I was wondering if anyone could help us with this complicated decision. Is there a super that looks after young investors with low fees and low insurance premiums allowing their money to grow? Who could help us out? Kindly appreciate any response.
Hi Vanessa,
Thank you for your inquiry.
If you are currently unsure about Super Fund you may need to read our guide here for your further reference.
I hope this information has helped.
Cheers,
Harold
Hi I’m wondering if you could help me out I’m in a bad position for a long time now and I’m not having any luck in being able to get out of it I’ve got a crappy credit rating and at the moment well for about 3 1/2 years I’ve been unable to secure work so my hole just keeps getting bigger I’ve got 2 super funds both with the same sort of amount in them
So I’m wanting to have about $8,000 released from one of them but Centerlink is more concerned with putting me further in debt and on the street with my daughters who are 11 years old and 14 years old and in doing this we would loose everything we have to our names and truthfully we can not go through that again as we lost every thing we had and we also have had to Come to terms with loosing my baby boy who was 3 years old this all happened in a house fire and now since the break down of my marriage and my ex wife leaving and abandoning my daughters we are on the verge of being homeless and with out any thing I’ve had to sell my tools of my trade my vehicle has given up andblue
Thanks for your time I
And I’m hoping for mine and my daughters sake I hope that you are able to help us with this
Hi Glen,
Thanks for reaching out and I’m sorry to hear about your difficult situation right now.
Basically, your super fund cannot be accessed early if you have not reached the preservation age, not unless your reason for access is one of the following:
– Certain compassionate grounds, like to prevent the foreclosure of your home, paying medical bills, disability expenses or covering funeral costs
– Serious financial hardship, including to cover reasonable immediate living expenses for your family, such as loan repayments, rent arrears, car repairs, medical costs and overdue bills
– In the event of you being temporarily or permanently incapacitated
– If you are diagnosed with a terminal disease or injury
In the meantime, in case you may want to reconsider looking for a lender who might offer you a loan, please check this page. Though the amount you can borrow and your approval would be on a case by case basis depending on the lender, so best to get in touch with them before you submit your application to discuss your options/eligibility.
Hope this helps.
Cheers,
May
Hi – are you able to send me a list of all Brisbane based super funds? I can see all fund but can narrow the search to Brisbane based only. I am interested in funds that have a head office in Brisbane only.
Thanks very much for your help.
Hello David,
Thank you for your question.
Unfortunately, listings can’t be filtered by state. But rest-assured the ones we provided on the website can be opened by anyone in Australia.
I hope that helps.
Cheers,
Harold
Hi i ‘ve got a problem that i transfer my money error to my superannuation when i’m doing online transfer. Could you please help me to find out any solution? If you need more detail, i can provide you.
Hope to hear from you soon.
Thanks
Regard,
Elly
Hi Elly,
Thanks for your enquiry.
I’ve sent you an email to gain further clarification regarding this transfer.
Thanks,
Belinda