Mine Wealth + Wellbeing: Looking after employees in the coal industry
Do you want to be a part of a superannuation fund that gives you multiple investment options?
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A merger between the Coalsuper Retirement Income Fund (COALSUPER) and the Queensland Coal and Oil Shale Mining Industry Superannuation Fund (QCOS) led to the formation of Mine Wealth + Wellbeing. Before July 2015, Mine Wealth + Wellbeing went by the name of AUSCOAL Super.
Mine Wealth + Wellbeing is an industry fund, owned for the exclusive benefit of its members. Owing to its profit-to-members approach it is able to offer benefits to its members in the form of better returns and low fees.
Other than offering a super fund and a pension fund, Mine Wealth + Wellbeing also lets you apply for credit. This is through a low rate credit card and a variable rate home loan.
What awards and honours has Mine Wealth + Wellbeing earned?
- Chant West Awards, 2015. Awarded specialist fund of the year.
- Chant West Five Apples, 2015. Highest quality super fund.
- Chant West Five Apples, 2015. Highest quality pension fund.
A closer look at Mine Wealth + Wellbeing and whether it's right for you
Mine Wealth + Wellbeing Super is a noteworthy investor in the Australian and international investment markets. Its in-house team appoints investment managers that follow strict guidelines in investing your money. It reviews the performance of its investment managers periodically, while removing and adding managers.
As a Mine Wealth + Wellbeing Super member you get access to a variety of education material that can help you learn about investing, identity suitable investment options and make decisions in accordance. You can also get free advice over the phone by speaking to a Mine Wealth + Wellbeing investment specialist.
The fund’s investment portfolio consists of cash, bonds, property, Australian shares and international shares.Back to top
What’s internet banking like for Mine Wealth + Wellbeing?
As a Mine Wealth + Wellbeing Super member you get free access to its secure online platform. You can use this system to view your account balance and to review details of contributions at any time. You can also turn online to update personal details as well as details of beneficiaries.
What super funds are offered by Mine Wealth + Wellbeing?
When you sign up for the Mine Wealth + Wellbeing MySuper fund you get 10 investment options to choose from. These include four pre-mixed and six asset class options.
- Aggressive. This is best suited for people who want to invest their money for five years or more. If you are under 45 years of age and don’t make an investment choice the fund automatically invests your money in this option as part of its default lifecycle strategy. This option accepts higher risk in order to maximise returns, investing your money in growth assets such as shares and property. A portion also goes into alternative assets such as private equity, hedge funds and infrastructure.
- Growth. You can consider going with this option if you wish to invest your money for five years or more. If you’re 45 to 55 years of age don’t make an investment choice the fund automatically invests your money in this option as part of its default lifecycle strategy. This option aims to optimise risk in return for potential growth. The fund invests part of your money in alternative assets such as hedge funds, private equity and infrastructure, and part in traditional assets classes.
- Balanced. The balanced option is ideal for people looking at investing their money for three to five years. If you’re 55 to 64 years of age don’t make an investment choice the fund automatically invests your money in this option as part of its default lifecycle strategy. With this option, you can expect a balance between risk and return. More than half of the portfolio’s funds go towards growth assets and a portion finds its ways to alternative assets.
- Stable. This option is suitable for people who are looking at investment periods of three to five years. If you’re over 65 years of age and don’t make an investment choice the fund automatically invests your money in this option as part of its default lifecycle strategy. The stable option provides diversification across multiple asset classes, while also investing a portion in growth assets. This option invests in defensive assets such as cash and bonds as well.
- Single asset class options. If you wish to invest your money on your own you can choose from six single asset classes that include Australian shares, International shares, property, bonds, cash and term deposits.
What pension accounts are offered by Mine Wealth + Wellbeing?
As a Mine Wealth + Wellbeing pension fund member you can choose from five pre-mixed investments options as well as six asset class options.
- Pre-mixed. The pre-mixed investment options include aggressive, growth, balanced, stable and capital protected. The first four options are the same as offered through the super fund. The capital protected option is ideal for people who wish to invest their money for at least three years, and don’t want to make any investment related decision. This portfolio provides diversification across major assets classes, while also providing some exposure to growth assets. It works in meeting the needs of retirees by investing in growth assets such as shares and property, employing strategies to reduce risk of large losses and using strategies to take advantage of different tax rules applicable to pensions.
- Single asset class options. The Mine Wealth + Wellbeing pension fund lets you invest your money in six single asset classes as well. These include cash, term deposits, bonds, property, Australian shares and international shares.
How do I start applying for Mine Wealth + Wellbeing super funds?
You can join Mine Wealth + Wellbeing Super as an individual looking for a superannuation fund or as an employer. To join as an individual fund member, you can download an application from the Mine Wealth + Wellbeing website, complete it, and send it over by mail. You can join the Mine Wealth + Wellbeing MySuper fund at various stages of your life.
- When you join the workforce
- When you change jobs
- When you start planning for retirement
You will need to complete other forms, depending on how you wish to contribute to the new account. These forms include:
- Super choice form (to inform your employer about your new account)
- Rollover form (if you want to combine your superannuation from other accounts)
To start a Mine Wealth + Wellbeing superannuation account you need at least $100.
To open a pension account, you have to meet these criteria.
- You are investing at least $15,000
- You reached preservation age and have permanently retired; or
- You are over 65 years old; or
- You have retired early due to disablement
Once your account is open you can make changes to personal details, investment options and details of beneficiaries online and over the phone.
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