When joining the fund you'll be placed in the MySuper option initially which is the default option, however you can switch to another investment option at any time.
Australian Food Super Growth option took the third spot for low fees, charging an annual fee of $328 on a $50,000 balance. The fund has maintained commendable long-term performance, returning 8.87% annually for members over the past 10 years and 7.24% annually over the past 5 years. Australian Food Super was formally called AMIST.
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Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.
*Past performance data and fee data is for the period ending Jan 2024
Facts and features of AusFoodSuper
Industry Super Fund. AusFoodSuper is an industry fund originally designed for employees in the meat industry, however it is now open to everyone to join.
Default insurance options. Eligible members will get default insurance cover when joining the fund with no medical exams.
MySuper product. The MySuper investment option is the default investment option for all members when joining the fund, unless you choose otherwise.
Pre-mixed investment options. Members can choose between a simple range of pre-mixed investment options that each have a different risk level and asset allocation.
AusFoodSuper pre-mixed investment options
Investment option
Risk level
Capital Stable
This option has the lowest level of investment risk and invests entirely in Cash.
Low
Secure
This option has a more even balance between growth and defensive assets compared to the Capital Stable option, but less allocation to growth assets than all other options.
Medium
Balanced
This option has more allocation to growth assets than the Capital Stable and Secure options, and is designed for members looking for medium to long term growth with less volatility in the short term.
Medium to High
MySuper
This is the default investment option designed to suit most members. It's where you'll be invested if you don't make an investment preference. It has a focus on growth over the medium to long term.
High
Growth
This option has a higher level of investment risk than previous options. It aims for higher returns over the long term, and has more exposure to shares. It's still a diversified option, unlike the Shares option.
High
Shares
This option invests entirely in growth assets, with your balance split between Australian and international shares. It's the most high-risk investment option available, and aims to achieve higher returns over the long term. It's designed for members seeking higher long-term growth.
Very High
Sector investment options
If you want more control over super, you can put together your own investment mix using one or more of the following individual sector options.
Alternatives (split between infrastructure and private equity)
Property
AusFoodSuper default insurance cover
Eligible members will receive the following default Life insurance cover when joining:
Death: This cover provides a lump sum payment to your nominated beneficiaries in the event of your death.
Total and Permanent Disablement (TPD): This cover provides a lump sum payment to you in the event that you become permanently disabled.
You'll get a default, basic level of cover for the above insurances, however you can apply to increase your level of cover at any time if you think it's the right choice for you. You can also opt out of all insurance cover all together.
How to join AusFoodSuper
You don't need to be working in the meat industry to join this fund. You can join online by completing the application form on AusFoodSuper's website. The application form should take you around 10-20 minutes to complete, and you'll need to provide the following bits of information:
Your full name, date of birth and contact information
Your Australian residential address
Your phone number and email address
Your tax file number (TFN)
Your chosen investment option (if you want to invest in something other than the Balanced option) and insurance cover
Details of your existing super fund if you'd like to consolidate your super
Once your application has been completed successfully, you'll receive your membership details by email. You can then give these to your employer so they can start paying your superannuation guarantee payments into your new fund.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
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