A close look at AvSuper MySuper and pension income accounts.
AvSuper was created in 1990 is a super fund for members of the aviation industry. In 2005, all Australians were invited to invest their retirement savings with AvSuper.
AvSuper have almost 7,000 fund members and $2 billion under management. AvSuper offer a MySuper product and pension accounts to pay you an income in retirement.
MySuper super funds are low on fees, offer a single diversified investment and give you a basic level of insurance. Including the MySuper Growth investment option (default), you can choose from up to 8 different ways to invest your retirement savings. Learn about AvSuper MySuper and retirement income stream below.
- SuperRatings - Gold Pension 2016 - AvSuper Retirement Income Stream
A closer look at AvSuper
The AvSuper Investment Committee aims to bring Australians the highest return for the lowest cost. You can read about the fund manager’s investment strategy in the AvSuper Investment Policy Statement. The AvSuper MySuper Growth investment option has returned 6.0% on average in 10 years prior to the 30th of June 2015.
Back to topWhat’s internet banking like for AvSuper?
AvSuper offers online access through their Member Online platform, an online portal where you can manage your investment options and insurance coverage, view your account balance and more.
What super funds are offered by AvSuper?
- AvSuper Insurance
- Investment options. The AvSuper Growth MySuper investment option is the default investment option for fund members. AvSuper fund managers aim to beat the CPI by at least 4.5% over 5 and 10 years. If you’re an active investor, you can choose to put your retirement savings AvSuper’s pre-mixed investment options, which are built to suit different risk profiles, or you can invest directly in an asset such as shares or property. You’re free to mix and match your investment options as you choose and this can all be managed through the AvSuper Member Online portal.
- Fees. You will see a full list of the fees you’ll have to pay when you read the product disclosure statement. In short: an administration fee, investment fee and insurance premiums are charged each week or year.
- Insurance. AvSuper provide fund members with a level of automatic death and TPD cover. If you don’t join through your employer, you’re provided with limited cover for 24 months, after which point full cover is given. Limited cover does not cover pre-existing medical conditions. Income protection and additional death and TPD cover can be purchased for an extra premium.
- Contributions. You can make super guarantee contributions, salary sacrifice and personal contributions to this super fund.
What pension accounts are offered by AvSuper?
AvSuper provide a couple of different ways to access your super savings. Super funds can be withdrawn as a lump sum or deposited into a retirement account to payout a regular income. You choose how much (within government guidelines) and how often you get paid and the rest of the money in the account can be used to invest in one of AvSuper’s investment options.
- Investment options. AvSuper gives you 8 different ways you can invest your money including 5 pre-mixed investment options and 3 single asset classes.
- Minimum investment. You’ll need $20,000 or more from your AvSuper super fund or other eligible super account to invest in AvSuper’s income stream account.
- Transition to retirement. If you’re still working and you’ve reached your preservation age, a transition to retirement income stream can help you gain tax benefits from extra super contributions. Withdrawal restrictions apply.
- Fees. Be sure to read the product disclosure statement before you apply, it contains a full list of fees. The main fees to look out for are the administration fee, the investment fees and the premiums for insurance cover.
- Insurance. Insurance is not automatically applied to income stream fund members. You can apply for cover through your AvSuper income stream account; however, age restrictions do apply to the Death and TPD policies.
How do I apply for AvSuper super funds?
Complete a membership application form to join AvSuper. You can join AvSuper if your employer uses AvSuper, if you’re self employed or even unemployed. You’re required to nominate a beneficiary, choose your investment options and you get to roll over super from other funds during the application process.
Am I eligible for a AvSuper pension?
You can apply for an AvSuper Income Stream if
- You’re an Australian resident
- You have reached your preservation age and you’ve met a super condition of release
- You’re still working (transition to retirement income stream account)
- You’re retired (income stream account)
Ask us a question if you want to know more about AvSuper and their super and retirement income stream products. We can’t provide financial or personal advice, but we are eager to help you with your comparison of super funds.
