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CareSuper: Largest industry fund for professionals

Consider putting your retirement in the safe hands of CareSuper.

Shirley Liu
Shirley Liu

Updated

CareSuper

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CareSuper

CareSuper was created in 1986 to help members of the professional and administrative services plan for retirement.

Today, you can enjoy industry super funds with low fees and a proven track record. CareSuper MySuper, CareSuper Pension and CareSuper Transition to Retirement accounts offer a number of investment options for the hands-on investor.

Get complimentary cover if your employer is making your super contributions too. These accounts have been recognised within the industry for providing value for money. Learn about CareSuper and products below.

What awards has CareSuper won?

CareSuper has been recognised by industry commentators for providing value for money superannuation and pension products.
  • Money Magazine Best of the Best Awards - Best Super Fund Manager 2016.
  • Money Magazine Best of the Best Awards - Best MySuper Fund 2016.
  • SuperRatings - Choice Super of the Year 2016.
  • SuperRatings - Platinum Rating 2015 and 2016 - CareSuper Super, Pension and MySuper products.

A closer look at CareSuper

CareSuper offers a MySuper superannuation product. MySuper is an Australian government initiative designed to bring consistency to the system.

MySuper accounts are economical and simple options for employers and employees. CareSuper MySuper gives you a number of investment options. Choose from growth or defensive strategies or investing in a particular asset class such as Australian or international shares.

CareSuper also offer two pension products: the CareSuper Pension and the CareSuper Transition to Retirement Account. These retirement accounts pay an income and give you access to 13 different investment options.

What’s Internet banking like with CareSuper

Log on to MemberOnline to manage your super. This online portal lets you review and change your fund’s investment choices as well as update important details and view statements.

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What super funds are offered by CareSuper?

MySuper

Choose how you invest your superannuation. Direct investment gives you control exactly where your super is invested or choose from different managed options to match your goals.

Managed options:

  • Capital guaranteed
  • Capital stable
  • Conservative balanced
  • Balanced (default)
  • Sustainable balanced
  • Alternative growth
  • Growth

Asset class options:

  • Capital secure (short-dated floating rate securities, i.e. bank bills, asset back securities and bank-term deposits)
  • Fixed interest (fixed rate bonds)
  • Commercial property
  • Australian shares
  • Overseas shares
You can switch investment types as often as once as week. Fees may apply.

Other features include:

  • Online access. Monitor your super investment online through MemberOnline, CareSuper’s online platform. MemberOnline lets you access the Direct Investment option.
  • Default cover. This fund includes cover for death and total & permanent disablement. Personal Plan members (i.e. self employed) do not receive a default level of cover but are eligible to apply for cover when they join the fund.
  • Extra cover. Add income protection insurance. New members can increase their cover in the first 90 days without a medical check.
  • Discounts. CareSuper fund members are eligible for discounted health insurance premiums at partner insurers.
  • Planning. Get complimentary access to financial planners.

The following fees apply:

  • Administration fee. $78 a year + up to 0.20 of your account balance (capped at $500) a year.
  • Exit fee. $40.

There are a number of fees such as brokerage, Indirect Cost Ratio and buy-and-sell spread charges which can apply. Read the product disclosure statement for a full list of fees and charges.

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What pension accounts are offered by CareSuper?

CareSuper provides a pension account and a transition to retirement account.

CareSuper Pension

Take as little as $10,000 of your accumulated super balance and open a CareSuper Pension account. Use the funds in the Pension account to invest and pay yourself a regular income.

What are the features of the CareSuper Pension?

  • Regular income. There’s no limit to how much you can pay yourself as income from the CareSuper Pension account. As long as you meet the ATO’s minimum payment requirements.
  • Tax free. If you’re over 60, payments from the CareSuper Pension account are tax free.
  • Investment options. Choose from a dozen different investment options. CareSuper let you invest in managed options such as balanced growth or an asset class such as Australian shares.
  • Planning. Get access to industry fund financial planning.

CareSuper Transition to Retirement Pension

If you’ve reached the preservation age and you’re still working, the CareSuper Transition to Retirement Pension can pay you an income from your superannuation balance.

What are the features of the CareSuper Transition to Retirement Pension?

  • Pre-retirement super income. You can draw up to a maximum of 10% of your super balance each year using a transition to retirement account.
  • Tax benefits. Grow your super balance and decrease your taxable income by increasing your personal superannuation contributions.
  • Eligibility. You can apply if you’ve reached the preservation age and you have at least $10,000 to open an account.
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How do I apply for CareSuper super funds?

You can become a member of CareSuper and apply online for one of the super funds or pension accounts listed on this page. Application for a CareSuper super fund is handled on the CareSuper website and can be completed in under ten minutes.

You can also join through your work if your employer is a participating CareSuper employer. Provide the following information to become a CareSuper member:

  • Your contact information
  • Your Tax File Number (TFN)
  • Your existing super fund name and member number
  • Information about contributions payments
  • Your choice of insurance
  • Your investment options.
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Am I eligible for a CareSuper Pension?

You must meet the following eligibility criteria to apply for a CareSuper Pension product.

  • Have access to at least $10,000 of your superannuation balance as unrestricted non-preserved money.

Eligibility requirements for a transition to retirement accounts: funds can be preserved or non-preserved as long as the applicant has reached the preservation age.

If your employer is paying your super contributions, they must complete and return a signed form which has advised your employer that CareSuper is your choice of super fund.

Become a member of CareSuper and safeguard your retirement income.

We can answer any questions about this company and products to help you in your comparison of super funds. We can’t provide financial advice.

Contact CareSuper for advice specific to your circumstances.

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