Compare super funds: The ultimate superannuation comparison guide

Here's how to find the right super fund for your needs.

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Name	Product	Past 1 Year Performance	Past 3 Year Performance	Past 5 Year Performance	Calculated fees on $50,000	Insurance Included
Sunsuper Lifecycle Balanced		10.70%	8.61%	9.84%	$553.00	Death, TPD	Earn a Retirement Bonus of up to $4,800 when you open a new Income account. T&Cs apply.	Go to siteMore Info	Compare	loading Fetching your data...
Virgin Money Super - Lifestage Tracker		10.62%	New fund	New fund	$348.00	Death, TPD	Earn Velocity Frequent Flyer Points for making contributions to your super. T&Cs apply.	Go to siteMore Info	Compare	loading Fetching your data...
Australian Catholic Super Lifetime - Grow		N/A	N/A	N/A	$683.00	Death, TPD, Income Protection	Choose between 14 different investment options, including a socially responsible option.	Go to siteMore Info	Compare	loading Fetching your data...
AustralianSuper - Pre-mixed, Balanced option		11.08%	9.30%	10.51%	$421.76	Death, TPD, Income Protection	Enjoy discounted rates on banking products with ME Bank and health cover with GMHBA health insurance.	Go to siteMore Info	Compare	loading Fetching your data...
LGIAsuper MySuper Lifecycle - Under 75		9.63%	7.84%	8.88%	$535.00	Death, TPD, Income Protection	Socially responsible and ethical investment options available.	Go to siteMore Info	Compare	loading Fetching your data...
QSuper Lifetime - Aspire 1		7.57%	8.08%	N/A	$450.00	Death, TPD	Pay no entry, exit or switching fees and enjoy a range of different investment options with QSuper.	Go to siteMore Info	Compare	loading Fetching your data...
HESTA - Core Pool		10.57%	8.12%	9.51%	$573.53	Death, TPD, Income Protection	Get access to one-on-one professional advice at no additional cost.	More Info	Compare	loading Fetching your data...
Australian Ethical Super Balanced		6.70%	6.26%	7.52%	$662.00	Death, TPD, Income Protection	Choose investment options that align with your personal values.	More Info	Compare	loading Fetching your data...
BT Super for Life - MySuper Lifestage Fund		11.43%	7.73%	8.76%	$703.00	Death, TPD	Access offers, deals and discounts through the BT Super Benefits Now program.	More Info	Compare	loading Fetching your data...
Cbus Growth		10.95%	9.39%	10.41%	$565.00	Death, TPD, Income Protection	Enjoy discounted health insurance with HCF.	More Info	Compare	loading Fetching your data...
BUSSQ MySuper Balanced Growth		8.79%	8.51%	9.59%	$646.76	Death, TPD	Get fee-free advice on your superannuation as a BUSSQ member. T&Cs apply.	More Info	Compare	loading Fetching your data...
Suncorp Lifestage Fund		7.41%	6.24%	7.89%	$601.76	Death, TPD	Receive a complimentary financial planning session with a Suncorp financial planner.	More Info	Compare	loading Fetching your data...
HostPlus Balanced		12.50%	10.17%	11.02%	$621.76	Death, TPD, Salary Continuance	Enjoy discounted rates on banking products with ME Bank.	More Info	Compare	loading Fetching your data...
MTAA My AutoSuper (Balanced)		9.39%	8.60%	9.93%	$535.88	Death, TPD	Access simple personal advice at no cost.	More Info	Compare	loading Fetching your data...
MLC MySuper		8.14%	6.50%	N/A	$703.00	Death, TPD	Gain access to lifestyle offers and benefits on NAB financial products and services.	More Info	Compare	loading Fetching your data...
REST Super - Core Strategy		8.76%	7.14%	8.81%	$497.60	Death, TPD, Income Protection	Earn rewards and vouchers through the AIA Vitality program.	More Info	Compare	loading Fetching your data...
UniSuper Balanced		10.45%	8.61%	10.14%	$361.00	Death, TPD, Income Protection	A flexible industry super fund for people who work in Australia’s higher education and research sector.	More Info	Compare	loading Fetching your data...

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The information in the table is based on data provided by Chant West Pty Ltd (AFSL 255320) which is itself supplied by third parties. While such information is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such information. Chant West’s Financial Services Guide is available at https://www.chantwest.com.au/financial-services-guide . Finder offers no guarantees or warranties about the data and we recommend that users make their own enquiries before relying on this information. Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. Past performance is not a reliable indicator of future performance.

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.

Superannuation explained

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.

Read this guide

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.

Choosing the right super fund

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.

Read this guide to find out how

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

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.

Retail Super Funds

Retail funds are operated by financial institutions and seek to offer competitive returns on investments. They generally allow members to have more control over investment options.

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.

SMSFs

SMSFs are do-it-yourself super funds. They allow you to invest your super yourself but also require you to manage all tax and legal obligations. Read this guide to find out more.

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.

Finding lost super and consolidating your funds

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.

Find my lost super

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.

Legal ways to access your super early

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.

Read this guide

• How do I make contributions to my superannuation?

  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.

• How do government super contributions work?

  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.

• How to maximise your super

  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.

• Keeping track of your super

  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.

• I’ve just started a new job, how do I set up my super?

  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.

• Changes to superannuation legislation in 2017 that may affect you

  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.

• What to do before switching super funds

  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.