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2022 Industry Super Fund Customer Satisfaction winner:
CARE Super
Australian industry super fund CARE Super took the top spot, with 95% of the users that we surveyed saying they'd recommend the fund to a friend. Its customer satisfaction rating was 4.44 out of 5. Find more about Finder Super Funds Satisfaction Awards 2022.
CareSuper investment options
You'll automatically be placed in the Balanced fund, which is the default MySuper option, when you join. After joining you're able to switch to another investment option at any time.
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The information in the table is based on data provided by Zenith CW Pty Ltd, ABN 20 639 121 403 (Chant West) unless indicated otherwise.
*Past performance data is for period ending June 2023 and fee data is updated monthly.
What are the key features of CareSuper?
Industry super fund. CareSuper is an industry super fund, which means it's run to benefit members rather than shareholders. It began as a fund for the professional services, administration and office-based sector however, anyone is now free to join.
Choose from a range of investment options. There are 7 pre-mixed investment portfolios and 5 single asset classes.
MySuper investment option. The Balanced option is the default low-fee, no-frills MySuper option for members who don't wish to choose their own investment option.
Ethical investments available. There's a socially responsible option available (Sustainable Balanced) that invests in companies with a positive social and environmental impact.
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 CareSuper account when joining or any time after you've joined by logging into your online portal.
What investment options are available with CareSuper?
You can choose from a range of pre-mixed investment portfolios, or build your own portfolio with the single sector options.
Option 1: Pre-mixed investment portfolios
Each option below invests in a different mix of high-risk growth assets and low-risk defensive assets. You can see what assets are classed as growth and defensive below:
Growth assets: Australian and international shares, private equity, infrastructure and property, alternatives.
Defensive assets: Infrastructure, property, fixed income and cash (such as term deposits).
If you don't want to make a choice, you'll be placed in the Balanced option, which is the authorised MySuper option.
Portfolio
Risk level
Benchmark asset allocation
Balanced (MySuper)
This is the default option. It invests in more growth assets and aims to deliver consistent, high returns over the long term. It's a MySuper-authorised product designed to suit most members.
Medium to High
Growth assets: 69%
Defensive assets: 31%
Capital Stable
This portfolio aims for some growth over the medium to long term, but is more focused on protecting your balance with a much higher allocation to defensive assets.
Medium
Growth assets: 36%
Defensive assets: 64%
Conservative Balanced
This option aims for an even split between defensive and growth assets. It offers a bit more growth than the Capital Stable and Capital Guaranteed options, but is still more conservative than the Balanced option.
Medium
Growth assets: 50%
Defensive assets: 50%
Sustainable Balanced
This option has a similar risk level to the default Balanced option, however its investments are selected based on a higher degree of focus on environmental, social and governance (ESG) standards.
Medium to High
Growth assets: 69%
Defensive assets: 31%
Alternative Growth
This portfolio invests in more growth assets than defensive assets, but it has a higher allocation towards alternative investments such as infrastructure and private equity.
Medium to High
Growth assets: 69%
Defensive assets: 31%
Growth
This is the highest risk option and invests heavily in Australian and international shares. More than 80% of your balance will be invested in growth assets. It's designed for members with a longer investment timeframe of at least 7-10 years.
High
Growth assets: 83%
Defensive assets: 17%
Option 2: Sector investment options
If you want to be more hands-on and create your own investment mix, you can put together your own portfolio using a mix of these single asset class options.
Overseas Shares
Australian Shares
Direct Property
Fixed Interest
Cash
Capital Guaranteed
What insurance cover is available with CareSuper?
Members will be eligible for the following insurance cover automatically when joining (you'll receive a basic level of cover to start with):
Death. This is paid to your beneficiary (usually your spouse or a member of your immediate family) in the event of your unexpected death.
Total and permanent disability (TPD). This is paid to you in the event you become disabled and can no longer work again.
Income Protection. This is in the even that you're injured and cannot work for a period of time.
You can increase, reduce or cancel your cover altogether at any time after joining the fund. You also have the option of adding income protection insurance and life insurance cover at any point.
How do I join CareSuper?
You don't need to work in the professional services industry to join CareSuper, anyone is able to join online. The application process is simple and should take you less than 20 minutes to complete.
As well as your full name and date of birth, make sure you have the following details handy before you start the application:
Your Australian residential address
Your phone number and email address
Your tax file number (TFN)
Your chosen investment option and insurance cover
Details of your existing super fund if you'd like to consolidate your funds during the application process
Once your application has been completed successfully, you'll receive your membership details by email.
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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