BUSSQ super review: Performance and fees
BUSSQ is an industry super funds for building, construction and civil industries. It offers a default MySuper product as well as several pre-mixed investment options.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
BUSSQ investment options
You'll be invested in the Balanced Growth option when you join BUSSQ. After joining the fund, you can switch to one of the following ready-made or sector-specific investment options if you'd like to.
What are the key features of BUSSQ?
- Industry super fund. BUSSQ is an industry super fund. It began as a fund for the Queensland building and construction sector; however, anyone is now free to join.
- Investment choices. Choose between some pre-mixed investment portfolios, individual asset class options or the default MySuper portfolio.
- MySuper investment option. The Balanced Growth option is the default MySuper option for members who don't wish to choose their own investment option. It's designed to suit most members.
- Default insurance cover. Eligible members receive automatic death and total permanent disablement (TPD) cover.
- Consolidate your super online. You can opt to consolidate your existing super into your new account when joining or any time after you've joined by logging into your online portal.
BUSSQ investment options explained
BUSSQ offers three types of investment options for you to choose from: MySuper, pre-mixed portfolios and asset class options. If you don't want to choose an option, your super will be invested in the Balanced Growth investment option which is a MySuper-authorised fund.
Pre-mixed investment options
The pre-mixed portfolios each invest in a range of different asset classes. Some have a higher allocation towards growth assets (like shares and property) and therefore a higher risk level.
|Pre-mixed investment option||Risk level||Asset allocation (rough estimate)|
This option is the highest risk level of all the pre-made options, with around 90% allocation to growth assets including local and international shares. It's designed for higher growth over the long term, and is suited for investors with a longer investment timeframe of at least 10 years.
|Balanced Growth (MySuper option)|
This is the default investment option which all members will be placed in if you don't choose a different option after joining. It's designed for growth over the medium to long term, and designed for members with an investment timeframe of at least 5 years. It has a bit less exposure to growth assets compared to the High Growth option.
This option has the lowest risk level of all the pre-made options, with much less allocation to growth assets and higher exposure to defensive assets including fixed interest and cash. It's designed for investors with a shorter investment timeframe of around 3 years (e.g.: if you're closer to retirement) or those with a low risk tolerance.
*Asset allocation between growth and defensive assets are a rough guide as of September 2021, and may shift slightly from time to time.
Single-sector investment options
These options are single asset class portfolios. You decide how much you want to invest in each of the options listed below.
- All Shares
- Australian Shares
- Australian Shares (Small companies)
- Diversified Fixed Interest
- International Shares
- International Shares (Emerging Markets)
What insurance does BUSSQ Super offer?
Members can access the following types of insurance cover automatically when joining:
- Total and permanent disablement cover. This type of cover provides a lump sum payment if you become totally and permanently disabled and can no longer work.
- Death cover. This policy provides a lump sum payment when you die, allowing you to provide for your loved ones and help them repay debts.
You can cancel, increase or adjust your insurance cover at any time.
How do I join BUSSQ Super?
You can complete an online application in around 15 minutes. You'll need to provide:
- Your personal details, including your name, address, date of birth and contact information
- Your Tax File Number (you do not have to give your super fund your TFN but if your fund doesn't have your TFN it won't be able to accept certain types of contributions from you and your benefit payments may be taxed at a higher rate than would otherwise apply)
- Details of your employer (if you'd like you'd like your super guarantee payments to be added to you new account).
Once you've completed the application you will receive your member number and a confirmation email with the details of your account.DISCLAIMER: This article may contain general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.
More guides on Finder
Tips for starting an SMSF in your 20s, 30s, 40s and 50s
SPONSORED: There are no age restrictions for an SMSF, but there are different considerations to take into account at each age.
Market falls and recession fears: Time to switch your super to cash?
Switching your super to cash may seem like a smart move, but it could actually leave you worse off in the long term.
5 best ways to invest money in Australia in 2022
What's the best way to invest money in Australia? Find out about robo advisors, index funds, cryptocurrency and more in this guide.
Worst Super Funds
Here’s a current list of the worst-performing super funds in Australia and steps for how to switch to a better fund.
Taking $50,000 out of your super to buy a house: Good idea or big mistake?
You might be able to access up to $50k from your super for a deposit for your first home, but just because you can, does that mean you should?
Renting in retirement: What it means for your super
Low housing affordability may mean more people are still renting once they enter retirement.
5 tips for retiring early
We all want to retire early, but how do you actually do it? Here are 5 tips to help you get started right now.
Unhedged review: Invest in the share market with robo advice
Unhedged is a robo advisor that aims to beat the market through quant trading. Here is what you should know about the broker
Kogan Super | Performance, features and fees
Kogan Super offers 5 different investment options that each have low fees and mostly follow an indexed investment approach.
New data reveals top 10 super funds this decade
The top-performing super funds over the past decade had an average annual return of 10.2% for members. Is yours on the list?
Ask an Expert