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.
- MySuper fund available
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- 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.
Compare super funds below
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.
How does Finder compare super funds?
There are a number of super comparison sites available, each taking a different approach to superannuation comparison. Using the comparison tool above, Finder compares a large number of leading super funds side by side to help Australian consumers compare their options quickly and easily. Finder displays the fund's performance figures over the past 1, 3 and 5 year periods, as well as the total calculated fees based on a $50,000 balance. Giving you the total annual fee in a dollar figure helps to make comparing super funds much easier; presenting the fees in a percentage figure (which is what the funds themselves do) is less transparent and doesn't always make it clear what you'll actually be paying in fees in dollar terms. The fees and performance figures in Finder's superannuation comparison table are powered by leading superannuation research firm Chant West, ensuring the information is always accurate and up-to-date.
While some super comparison services charge a fee for more in-depth fund information, Finder offers a detailed overview of each fund we compare completely free of charge. By clicking on the fund name in the comparison table, you can access our comprehensive review of the fund including the different investment options available, insurances and a break down of the fees charged. Finder does make money when you click through to some of the super funds listed in the comparison table (you can learn more about this here), however we've also showcased a number of leading and smaller funds in the table that we have no commercial partnership with at all, to help you compare and find the right fund for you.
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.
Finding the best super fund for your needs
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.
Different types of super funds
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.
MySuper accounts have basic features and fee structures allowing members to compare funds easily based on cost, investment performance and insurance. Read this guide to find out more.
Industry Super Funds
Industry funds are designed for workers in a specific industry and often offer lower fees and a variety of insurance and investment options. Read this guide to compare industry super funds in Australia.
Corporate Super Funds
Corporate funds are offered by businesses to their employees. These are generally default funds but are not openly available to the public.
Ethical Super Funds
An ethical fund chooses investment options based on a set of social, environmental and ethical criteria. Read this guide to find out which super funds offer ethical investment options.
What is lost super, and how can you find it?
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.
Accessing your super
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.
Frequently asked questions
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.