ANZ Smart Choice Super | Review, performance and fees
ANZ Smart Choice Super is a retail super fund that offers a lifestage investment product that invests your super based on your age, as well as several additional pre-mixed options.
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ANZ Smart Choice Super and Pension has been closed to new applicants since 14 March 2026
Key takeaways
- ANZ Smart Choice Super provides a default lifestage option and numerous pre-mixed or single asset class investments.
- Certain investment options yielded strong one-year returns, for example +16.59% from International Equities (Hedged).
- Customer satisfaction is 4.04/5 overall, with trust rated higher than average at 4.54/5.
Key features of ANZ Smart Choice Super
These are just some of the key features offered by ANZ smart Choice Super:
- Roll over your existing super into your Smart Choice fund via online transfer
- Choose between two main ways to invest: A lifestage option or a pre-mixed fund
- The ANZ smart Choice Super lifestage option automatically invests your super in line with your age, and adjusts this for you as you get older
- The lifestage investment option is a MySuper-authorised fund
- Death cover automatically included
- Closed to new applicants since 14 March 2026 - you can only join if your employer uses it as its default fund
- Keep track of your super on a smartphone app
ANZ Smart Choice Super account options
ANZ Smart Choice Super and Pension is designed to be a "fund for life", allowing you to switch between three different accounts depending on your stage of life:
- An ANZ Smart Choice Super account, for when you're in the middle of your working life.
- An ANZ Smart Choice Transition to Retirement account, for when you're preparing for retirement (once you reach your preservation age of 60, and before you retire).
- An ANZ Smart Choice Pension, for when you have retired and want to draw income from your super.
ANZ Smart Choice Super investment options
There are two ways you can invest depending on how hands-on you want to be managing your super.
Option 1: Lifestage investments
This is the default investment option if you prefer to leave your investment choices up to the fund managers. They select a mix of investments based on your age from a variety of asset classes, and adjust them as you grow older. For instance, if you join the fund early on in your working life, your super will be invested mainly in growth assets such as shares, which are designed to provide potentially higher returns but with greater risk. As you approach retirement, the mix will automatically be adjusted, with a higher allocation towards less risky investments such as fixed interest, bonds and cash. The following table highlights each Lifestage investment option, its risk level, and asset allocation.
| Lifestage option | Risk level | Asset allocation (target range) |
|---|---|---|
| ANZ Smart Choice Super 1940s | Medium |
|
| ANZ Smart Choice Super 1950s | Medium to high |
|
| ANZ Smart Choice Super 1960s | High |
|
| ANZ Smart Choice Super 1970s | High |
|
| ANZ Smart Choice Super 1980s | High |
|
| ANZ Smart Choice Super 1990s | High |
|
| ANZ Smart Choice Super 2000s | High |
|
Option 2: Pre-mixed investment option
If you'd like a bit more control over the risk level of your super, you can select one of the following pre-mixed funds instead of the lifestage option above. These don't change depending on your age.
| Pre-mixed investment option | Risk level | Asset allocation |
|---|---|---|
| ANZ Smart Choice Conservative This option has the lowest allocation towards growth assets, and is therefore the lowest risk. It's designed for members who have a shorter investment timeframe, such as those getting close to (or during) retirement. | Medium |
|
| ANZ Smart Choice Moderate This option has a fairly even split between growth and defensive assets. It's designed to give some level of stable growth over the short to medium term, with less volatility and risk compared to the Growth option. | Medium to High |
|
| ANZ Smart Choice Growth This option has a higher allocation towards growth assets including shares and property, and aims for higher returns over the long term. | High |
|
Option 3: Single asset class options
If you feel like you're a little more experienced as an investor and would like to take a more "hands-on" approach, you can build your own investment portfolio by selecting your own asset class mix. You can choose between the options detailed below. You can invest your super into one or a combination of the following asset classes.
- Global Fixed Interest
- Cash
- Australian Fixed Interest
- Global Property
- Australian Equities
- International Equities (Hedged)
- International Equities (Unhedged)
What insurance cover does ANZ Smart Choice Super offer?
If you sign up for the ANZ Smart Choice Super and Pension fund you will automatically receive death insurance, including terminal illness. This is subject to age eligibility, which is over 15 and under 65 years of age. Monthly fees will depend on your age, gender and whether or not you're a smoker. Death cover ranges from $100,000 to $300,000. To apply you must be an Australian permanent resident, and be permanently living in Australia. You will also receive the option of adding Total and Permanent Disability (TPD) cover, which is calculated based on your age. In addition you can include income protection insurance. Applications for income protection and TPD insurance are assessed on an individual basis by the insurer and are subject to approval. If you'd like to increase your insurance cover, the maximum levels of you can apply for with ANZ are:
- Death cover: unlimited
- TPD cover: $3 million
- Income protection: the lesser of $30,000 per month or 75% of your monthly salary
If you do not require any insurance included with your super, you can opt out via ANZ Internet Banking or by calling its customer services, the day after your account is opened.
How do I join ANZ Smart Choice Super?
ANZ Smart Choice Super is closed to new applicants. ANZ's own website states it no longer accepts applications directly from new customers, and the only way to join now is if your employer already offers ANZ Smart Choice Super as its default fund - existing members can still apply for an ANZ Smart Choice Pension account. If you're eligible to join through your employer, make sure you have the following information to hand:
- Your personal details, including your name, address, date of birth and contact information.
- Your Tax File Number (TFN). You don't have to provide your TFN, but if it is not on file, certain types of contributions won't be accepted, and your benefit payments may be taxed at a higher rate.
- Details of your employer.
- Details of your ANZ bank account. If you don't already have a transaction account with ANZ, you'll need to apply for one before you open an ANZ Smart Choice Super account.
How do I manage my super?
You can access your account through ANZ Internet Banking or Mobile Banking. ANZ Wealth will inform you if it finds any other super in your name and will help you consolidate your accounts. Once you have logged in, you will be able to view your super balance, change your investment option, monitor you super performance, adjust your insurance, manage your beneficiary nomination and keep track of your contributions.
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Looking at the “CONS” for ANZ Smart Choice Super what does –
1. No authorised My Super Product available?
2. No ethical investment option available?
Hi Margaret,
Thanks for getting in touch with finder. I hope all is well with you. :)
The ANZ Smart Choice Super does not come with a MySuper product, which is a low-cost and simple super solutions for employers to choose as their default funds. This is an initiative by the government.
Regarding your second question, ethical investment option is where the manager of your investment would incorporate environmental and social factors when selecting investments, in addition to the objective of achieving a competitive financial return. So, in case there are things that you don’t want your money to be invested in, an ethical investment option could be your choice. However, ANZ Smart Choice Super does not have this feature.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua