AustSafe super and pension accounts: Low fees, solid returns and super advice from AustSafe regional managers.
AustSafe was established in 1998 as an Industry SuperFund for rural and regional Australia. As an Industry SuperFund, AustSafe is low on fees, doesn’t pay commissions to advisors and offers a range of services to help you plan and manage your retirement.
A closer look at AustSafe
AustSafe are an industry super fund for workers in regional and rural Australia who have an employer paying compulsory contributions on their behalf. AustSafe also offer a Personal Plan for the self employed and business owners making their own super contributions too. If you’ve reached your preservation age, AustSafe have two pension products: a transition to retirement pension and a retirement pension. These accounts can pay you a regular income over a period of months or years as well as act as an investment account.
AustSafe has been recognised for providing value for money to customers.
- SuperRatings Fund of the Year Awards - Rising Star Finalist 2015 - Recognised for providing value for money to customers through providing enhanced services and benefits.
What’s internet banking like for AustSafe?
Register for AustSafe MemberOnline to access your superannuation or pension account through the AustSafe website. MemberOnline allows you to update personal details, choose your investments, change your insurance cover and more.
Back to topWhat super funds are offered by AustSafe?
AustSafe Industry Super is open to all employees who have an employer who pays compulsory contributions on their behalf. Personal Super is open to the self employed and business owners.
AustSafe Industry Super
Investment options
- Choose between four ready made investment options or choose to invest in five different asset classes. Ready made investment options include:
- MySuper (this is the default investment option when you join)
- Super Growth
- Capital Stable and
- CRF Capital Stable.
- Invest in different asset classes according to your risk appetite such as:
- Australian Equities
- International Equities
- Property
- Fixed Interest or
- Cash.
- You can change your super investment mix as often as once a week.
- Fees. Main fees can include: An administration fee of $1.75 p.w. plus 0.09% p.w. of your account balance and an investment fee of 0.63% p.a. plus a performance fee of 0.05%.
- Insurance. You get default Death and Total & Permanent Disability (TPD) cover when you join AustSafe Industry Super. Additional cover such as income protection can be added to your policy for an extra premium.
AustSafe Personal Super
- Eligibility. Personal Super is available to the self employed and business owners.
- Investment options. AustSafe Personal Super offers the same choice of investment options as AustSafe Industry Super (see above).
- Fees. The following fees can apply: Investment fee: 0.63% p.a. of your account balance plus a performance fee of 0.05% p.a. An administration fee of $1.75 p.w. plus a fee of 0.09% p.w. of your account balance. Consult the product disclosure statement for a full list of fees and charges.
- Insurance. Death and TPD cover is included as default cover when you join AustSafe Personal Super. You can add Terminal Illness cover and Income Protection cover for an extra cost as well as tailor your level of cover to suit your individual circumstances.
What pension accounts are offered by AustSafe?
AustSafe offer a transition to retirement account and a pension account. Both accounts pay you a regular income and give you access to AustSafe investment options. The minimum investment to open a transition to retirement account and retirement account is $50,000.
Transition to Retirement and Pension account
If you’ve reached your preservation age and you have met a super condition of release, you can apply for a pension account. Apply for an AustSafe Transition to Retirement account if you’re younger than 65 and older than your preservation age and you’re still working.
- Fees. An investment fee of 0.10% p.a. - 0.70% p.a. applies depending on your investment option choice in addition to a tiered administration fee for balances up to $700,000.
- Tax free. Superannuation pension payments are tax free once you reach 60 years of age.
- Insurance. You can opt to roll over your insurance cover from your AustSafe Super Fund when you open a pension account by keeping $5,000 in your AustSafe Industry Fund or Personal Plan.
- Investment options. Choose between Ready-Made and Single Asset Class Options. Ready Made Options such as Balanced or Super Growth Options are comprised of multiple investment types. You can invest in a number of Single Asset Class Options such as Australian or International Equities to suit your needs and risk appetite.
- Contributions. You can’t make any additional contributions to your Pension Account after it’s open. Speak to your financial planner for information about topping up your existing pension account. You can salary sacrifice your pay to your super fund for tax benefits and draw on your Pension Account for extra income.
How do you apply for AustSafe super funds?
You can confirm your eligibility for the AustSafe Personal Plan super fund below:
- You’re self employed or a business owner
- Your employer is a not a participating AustSafe Industry Super employer.
You can apply for the AustSafe Personal Plan online. You get a 14 day cooling off period from the time you receive your welcome letter from AustSafe. You must contact AustSafe in writing if you wish to cancel your membership.
Am I eligible for an AustSafe Pension?
You can open an AustSafe Pension accounts (Pension or Transition to Retirement Accounts) if you meet the following eligibility requirements:
- You make an opening deposit of $50,000 or more
- You’re under 65, but you’ve reached your preservation age and you’re still working (Transition to Retirement Account), or
- You’ve reached your preservation age, you’re over 60 and you’ve changed work, ceased employment due to permanent incapacity or creased work due to a terminal illness (Pension Account).
