Mine Super is an industry super fund for members in the mining industry. It's default investment option is a MySuper lifecycle option that invests in line with your age.
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Mine Super performance and fees
When joining the fund you'll be placed in the High Growth option initially if you're under 50, however you can switch to another investment option at any time.
Key features of Mine super
- Originally designed for those working in mining. Mine Super is an industry fund for those working in the mining sector, however it is now open to everyone to join.
- Tailored insurance options. Mine Super has tailored insurance options for people working in the mining sector.
- MySuper product. The MySuper option will invest you in a High Growth fund while you're young, and a conservative fund when you're closer to retirement.
- Pre-mixed investment options. Members can choose between four different pre-mixed investment options that each have a different risk level and asset allocation.
Mine Super pre-mixed investment options
Members can choose between these four pre-mixed, diversified investment options depending on the level of risk you want to take on. If you don't make an investment choice, you'll be placed in the High Growth option while you're under 50, which is the default MySuper investment product.
|Investment option||Risk level||Target asset allocation|
This option has the lowest level of investment risk and invests largely in fixed interest and cash. It's designed for members looking to protect their balance, with some growth over the medium term.
This option has a more even balance between growth and defensive assets compared to the Stable option. It's designed for members who aren't comfortable taking on too much risk and who wish to avoid market fluctuations in the short term, while still gaining some level of capital growth.
|Medium to High|
This option provides more allocation to growth assets than the previous options, and may suit members looking for more exposure to shares. It's designed for members with a longer investment timeframe of at least 10 years.
This option invests entirely in growth assets, with almost 90% of your balance invested in Australian and international shares. It's the most high-risk investment option available, and aims to achieve higher returns over the long term. This is where your super will automatically be invested while you're under 50 (unless you choose otherwise).
Sector investment options
If you want more control over super, you can put together your own investment mix using one or more of the following individual sector options.
- Australian Shares
- International Shares
- Term Deposit
Mine Super default insurance cover
Eligible members will receive the following default insurance cover when joining:
- Death: This cover provides a lump sum payment to your nominated beneficiaries in the event of your death.
- Total and Permanent Disablement (TPD): This cover provides a lump sum payment to you in the event that you become permanently disabled.
- Income Protection: This cover is paid out in the even you can't work and lose your income.
You'll get a default, basic level of cover for the above insurances, however you can apply to increase your level of cover at any time if you think it's the right choice for you. You can also opt out of all insurance cover all together.
How to join Mine Super
You can join online by completing the application form on Mine Super's website. The application form should take you around 10-20 minutes to complete, and you'll need to provide the following bits of information:
- Your full name, date of birth and contact information
- Your Australian residential address
- Your phone number and email address
- Your tax file number (TFN)
- Your chosen investment option (if you want to invest in something other than the Balanced option) and insurance cover
- Details of your existing super fund if you'd like to consolidate your super
Once your application has been completed successfully, you'll receive your membership details by email. You can then give these to your employer so they can start paying your superannuation guarantee payments into your new fund.
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