From your very first paycheque to the management of your retirement, Club Plus Superannuation will help keep your funds in order.
Formed in 1987 for the employees of licenced social clubs, Club Plus Super provides its members with a variety of superannuation management and growth services.
No longer an exclusive club, it now serves over 100,000 members with over $2 billion in investments.
No matter where you work or what stage of employment you have reached, Club Plus Super’s rates and success makes it worth taking a closer look at.
What awards and honours has Club Plus Superannuation earned?
- Club Plus Superannuation was nominated for Pension Fund of the Year in 2012.
- SelectingSuper Fund Quality Assessment rated Club Plus with ‘AAA’ in 2011.
- In 2012 Club Plus received a Platinum rating from SuperRatings for being a “Best Value for the Money” fund.
- A Rising Star Award was earned from SuperRatings in 2011 for SuperClub’s enhancement of value to their members through improved services and benefits.
A closer look at Club Plus Superannuation
In a side by side comparison against select other super funds, Club Plus the cost of managing your superannuation funds is competitively priced or lower. Considered to be a good value versus return by industry experts, you are also able to increase your funds through a choice of seven different account types.
A pension plan is also available for Australian workers when they are ready to transition their funds to a conservative account with a regular income flow back to them.
What’s internet banking like for Club Plus Superannuation?
Both individual members and employers are provided with a member number and password in order to view and participate in the management of their super funds.
This is a free online service provided by Club Plus Superannuation that has features to let you:
- View and print account statements
- Change contact information
- Make contributions
- View transaction history
- See an instant benefit quote
- View the insurance information
- View and make changes in investment choices and
- View and change nominated beneficiaries.
In order to take advantage of internet access to your super fund, you will need to register for this feature using your member number.Back to top
What super funds are offered by Club Plus Superannuation?
You can sign up for Club Plus as an individual contributing to a super fund and employers are welcome as members to provide the product to their employees.
Once a member you are given an option of seven different managed funds to choose from, and help in making a choice that best suits your current circumstance:
- Cash. Structured for individuals who don’t want to take any risk with their capital and accept that this could mean a lower return over the long term.
- Conservative. A super fund designed to suit members who are more comfortable with low risk investment opportunities.
- MySuper / Balanced. The standard super fund aiming to produce a steady return on investments through a diverse range of assets.
- Growth. A growth oriented investment which will see some volatility in its return.
- High Growth. Best suited for younger employees who can withstand the fluctuations that this fund will have with a long term commitment.
- Australian shares. This option is risky, where your superannuation funds are solely invested in shares sold on the Australian exchange.
- International shares. Designed for those members who have a goal that is at least ten years in the future and can withstand the volatility that comes with investing in international markets.
ClubSuper helps you to decide which option is best suited for you by providing expert advisement services at no cost. There will be other fees paid by you through the account even when it is employer based which include:
- Establishment fee. None
- Contribution fee. None
- Withdrawal fee. $35
- Administration fee. $1.80 weekly or $93.60 per year.
- Investment fee. 0.44% per annum (p.a.) as an investment base fee plus 0.02% p.a. performance fee.
- Asset based fee. 0.10% p.a. of your balance.
The range of investment options and the fees charged to you can be compared amongst various superannuation fund service providers to help in making a choice that is best suited to grow your money.Back to top
What pension accounts are offered by Club Plus Super?
Australians aged 55 or older can begin making changes in their super fund that will make it more flexible, and tax effective. Two choices are provided to you by ClubSuper, dependent on your age and what your needs are:
- Retirement pension. This account is for those over the age of 55 who have retired completely from the work force. Once you reach the age of 60, this account can give you a tax free stream of income stemming from your super fund.
- Transition to retirement. This pension option is for those who have reached the age of 55 but have not yet retired fully. Regular withdrawals are still allowed while your investment funds earn a higher return.
With both types of pensions, you will need to have at least $20,000 in the account to start. Payment amounts and frequency are chosen by you, yet this is subject by regulations set forth by the government. Lump sum withdrawals of at least $1,000 are also allowed once a year for free, but any additional withdrawals will incur a fee of $55.Back to top
The application process for Club Superannuation super funds
Member application forms are available online for Australians wishing to join ClubSuper. This is found as a part of the Personal Division Product Disclosure Statement if you are applying as an individual. Once you have downloaded the form you will be asked for details such as:
- Personal information. Your name, physical address and date of birth will have to be provided.
- Tax file number. Your tax file number (TFN) is not mandatory, but it is used not only to help with determining the correct tax rate, but with finding other super funds that you might have and want to consolidate with this one.
- Employment details. The type of job you currently hold is also asked as you fill in the application.
Your superannuation funds and their management are a critical component in determining how you will spend your retirement years.
Familiarise yourself with the various options provided by different providers before making a final choice on which you should join.