Local Government Super offers a range of superannuation and investment options to help ensure that your retirement is comfortable and financially secure.
Local Government Super (LGS) is one of Australia’s larger superannuation funds. The fund manages around $9 billion in superannuation assets for its 90,000 members, 60,000 of whom are employees working for local government or related employers throughout NSW. The remaining 30,000 employees are former local government employees.
Certified as a responsible investor by Responsible Investment Association Australasia (RIAA), Local Government Super helps its members invest their retirement savings in Australian and international shares, property, infrastructure, private equity and absolute return asset classes.
- 2016 Super Fund of the Year (medium-sized category) - Conexus Financial Superannuation Awards
- 2016 Australia’s Best Green Super Fund - Money Magazine Best of the Best Awards
Useful facts to know about Local Government Super
Local Government Super’s mission statement is: “To provide above-average and sustainable investment returns, competitive products, quality personalised service and non-commission driven financial advice.”
It offers its Accumulation Scheme superannuation fund, which offers eight investment options, as well as a do-it-yourself (DIY) Investment Option that allows you to take charge of how your balance is invested.
In terms of pensions, LGS offers an Account-Based Pension Plan that allows you to receive your super benefits as an income stream, while there’s also a DIY Investment Option available for those who want more control over their investments.
What’s Internet banking like for Local Government Super?
Local Government Super members can access their account at any time through LGS Member Online. This secure online portal allows you to view your account balance, change your investment options, make additional contributions and change your personal details.Back to top
What super funds are offered by Local Government Super?
- Accumulation Scheme. Local Government Super’s Accumulation Scheme offers the following investment options:
- MySuper Age Based Investment Strategy.
- High Growth.
- Balanced Growth.
- Sustainable Australian Shares.
You can choose from one of the pre-mixed investment options or from one of the single sector investment options. Investment fees vary depending on the option you select, while a direct administration fee of $1.30 applies, plus a fee of 0.28% of your account balance covers indirect costs. However, the Accumulation Scheme is also available with the DIY Investment Option, explained below.
- DIY Investment Option. The DIY Investment Option from Local Government Super aims to provide a simple, low-cost alternative to a self-managed super fund (SMSF). This secure web-based account allows you to invest a portion of your super in:
- A range of term deposits (for one, three, six and 12 months).
- Listed securities, including shares listed on the S&P/ASX 300 index, and a selection of Exchange Traded Funds (ETFs).
This allows you to take a more hands-on approach to the investment of your super and is available to Local Government Super Accumulation Scheme members with an account balance of at least $10,000. Up to 90% of your Accumulation Scheme balance can be invested in the DIY Investment Option, while an administration fee of 0.28% per annum (p.a.) of funds invested in the DIY Option applies.Back to top
What pension accounts are offered by Local Government Super?
- Account-Based Pension Plan. If you want to receive your superannuation entitlements as a pension stream, the Local Government Super Account-Based Pension Plan is well worth considering. It offers a flexible and convenient way for you to convert your superannuation balance into a tax-effective income stream. If you’re aged 60 or over, the income you receive from the pension is tax-free, and you can request for all or part of your pension to be paid to you as a lump sum. A minimum of $25,000 is required to establish a pension plan. You also have the option of taking out this type of pension as a Transition to Retirement Plan, which is designed to suit the needs of members who have reached their preservation age but are still working.
- DIY Investment Option. This option is available to Local Government Super Account-Based Pension Plan members with at least $10,000 in their account. It allows you to take charge of how your money is invested, providing a low-cost alternative to an SMSF. You can invest a portion of your super in:
- A range of term deposits (for one, three, six and 12 months)
- Listed securities, including shares listed on the S&P/ASX 300 index, and a selection of Exchange Traded Funds (ETFs)
You’ll need to pay an administration fee of 0.28% p.a. of the funds invested in the DIY Investment Option, while investment and brokerage fees also apply.Back to top
How to master the application process for Local Government Super super funds
If you’ve compared a range of Australian super funds and decided that Local Government Super is the right fund for you, click the link on this page to be taken to the Local Government website. There, you can read the relevant product disclosure statement and check to see whether you meet any eligibility criteria – it’s worth noting that non-local government employees can also apply for membership.
You can download an Application for Membership through the Local Government Super website. You’ll need to provide your personal details, your product and investment choices, and certified copies of proof of identity and date of birth documentation.
Local Government Super offers a range of competitive superannuation options to help you save for a secure and comfortable retirement, but make sure you compare these with the investment options from other super funds before making your final decision.