Prime Super (Merged with HIP): Superannuation Products Open to All Aussies

Prime Super

See how easy it is to live comfortably in retirement with Prime Super.

Prime Super is a profit-to-members super fund open to all Australians looking to grow their retirement savings. Starting out in 1996 as a super fund for workers in regional Australia, a string of mergers mean today there are 125,000 Prime Super members and $3 billion under management.

It provides superannuation and retirement solutions to help you save for and be comfortable in retirement. Prime Super offer an authorised MySuper investment option or the choice of mixing and matching from 9 different investments you can use to grow your nest egg. Find out more about Prime Super below.

A closer look to improve your knowledge about Prime

Prime Super give you 9 different ways to invest your money. The MySuper investment is the default investment option. This investment portfolio gives you access to a mix of defensive and growth assets.

For example Australian and international shares make up almost half of the target asset allocation followed by infrastructure, property and cash.

While past performance is not an indicator of future returns, the Prime MySuper option returned 9.88% in the 5 years leading up to the 30th of June 2015. This return is above the investment return objective of 3% long term gains above the CPI.

What’s Prime internet banking like?

Prime Super provide an online platform you can use to manage your account. Login to MemberOnline via the Prime Super website to change your investment options, update your insurance cover, view your account balances and transaction history and update your personal details.

What super funds are offered by Prime?

  • Prime Super

If you’re eligible to open a superannuation fund, which is basically everyone of working age, you can apply to join Prime Super. Prime have a Health Division plan for members of the health and aged care industries. The Prime Super and Prime Super Health Division plans offer different levels of insurance. Health Division members receive Income Protection Insurance without underwriting whereas Prime Super members do not. Features of this superannuation fund are as follows:

  • Investment options. Prime super give 9 different ways to invest your money including a MySuper default investment option. Select one or mix and match from different investments to suit your risk appetite. Choose from 4 pre-mixed portfolios and 5 single asset class investments.
    • MySuper
    • Conservative
    • Managed Growth
    • Alternatives
    • Australian Shares
    • International Shares
    • Property
    • Fixed Interest
    • Cash
  • Fees. An administration fee, Indirect Cost Ratio fee and insurance premiums are charged on a weekly or annual basis. Read the product disclosure statement for a full list of the fees and charges you may have to pay.
  • Insurance. You’re eligible to apply for additional Death, Total Permanent Disablement (TPD) and Income Protection Insurance when you join this fund. A default level of Death and TPD cover is automatically provided to all members for a small weekly premium, Income Protection premiums are based on a number of factors and are decided upon application for cover.  The default level of insurance ensures you and your family will be financially secure if you pass away or can not continue working due to an accident.
  • Contributions. You can make the following contributions to this super fund: before and after tax, rollover contributions from other super funds, spouse contributions, employer and government contributions and splits.
  • Online access. Manage your super fund online. Update your investment options as often as your like, view your account balances and more.
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What pension accounts are offered by Prime?

  • Prime Retirement Income Stream

The Prime Retirement Income Stream functions as two products. An allocation pension income stream or a transition to retirement income stream. An allocated pension pays you a regular income from a superannuation lump sum payment. A transition to retirement income stream can help you reduce your working hours in the lead up to your retirement as well as present some handy tax benefits from after tax super contributions.

  • Investment options. Choose from 9 different ways to invest your money. Prime give you 5 single asset class investments and 4 pre-mixed portfolio investment options. You can choose one of these investments or mix and match different investment options for a diversified approach.
    • Balanced
    • Managed Growth
    • Conservative
    • Alternatives
    • Australian Shares
    • International Shares
    • Property
    • Fixed Interest
    • Cash
  • Minimum investment. You must make a deposit of at least $10,000 or more to open a Prime Retirement Income Stream.
  • Fees. Administration fees, Indirect Cost Ratio fees and investment fees may apply. The product disclosure statement outlines the fees which may apply to the use of your account.
  • Tax. If you’re over the age of 60, payments from your retirement income stream are tax free.
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Your eligibility and application process

Prime Super is open to anyone. You can apply to become a member of Prime Super if you’re an Australian resident and

  • You’re employed full time and you’d like to choose a different super fund to your employer’s choice of fund, or
  • You’re self employed,
  • You want to consolidate old super funds and switch to Prime,
  • You’re receiving contributions from your spouse.

Anyone can apply to become a member of Prime Super. Download, complete and return a membership booklet and wait for your welcome pack.

Am I eligible for a Prime Pension?

If you want to apply for the Prime Retirement Income Stream Account, complete a membership application form. You can apply for this account if:

  1. You’ve reached 65 years of age, or
  2. You’ve reached your preservation age and you’re retired, or
  3. You’ve met another superannuation condition of release such as becoming disabled.

If you’re still working but you’ve reached your preservation age, you can apply to open a Prime Transition to Retirement Income Stream.

Compare super funds so you’re giving yourself the best chance to be comfortable in retirement. Get in touch with us if you have questions about Prime Super or Prime Super’s superannuation and retirement products. We can’t provide personal or financial advice.

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