Spirit Super review: Investment options, fees and insurance
Spirit Super (previously MTAA Super and Tasplan) has more than 320,000 members and offers a range of simple pre-mixed investment options to choose between.
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Spirit Super performance and fees
When joining the fund you'll be placed in the Balanced (MySuper) option initially which is the default option, however you can switch to another investment option at any time.
Key features of Spirit Super
- Previously MTAA Super and Tasplan. MTAA Super and Tasplan merged in 2021 to become the newly-formed fund, Spirit Super.
- Designed for those working in the motoring sector. Spirit Super is an industry fund, originally designed for those working in the motor trades and allied industries sector. However it is now open to everyone to join.
- Default insurance options. Eligible members will get default insurance cover when joining the fund with no medical exams.
- MySuper product. The Spirit Super Balanced investment option is the default MySuper investment option for all members when joining the fund, unless you choose otherwise.
- 5 pre-mixed investment options. Members can choose between 5 different pre-mixed investment options that each have a different risk level and asset allocation.
- Single sector options. Members can also create their own portfolio using the single sector options.
Spirit Super pre-mixed investment options
Members can choose between these 5 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 Balanced (MySuper) option.
|Investment option||Risk level||Target asset allocation|
This option has the lowest level of investment risk and invests largely in fixed interest and cash, with very low exposure to shares. It's designed for members looking to protect their balance, with some growth over the medium term.
|Low to Medium|
This option has a more even balance between growth and defensive assets compared to the Conservative option. It still has low exposure to shares.
This is the default investment option designed to suit most members. It's where you'll be invested if you don't make an investment preference. It has a focus on growth over the medium to long term, with around 20-30% allocation to defensive assets to reduce the risk of large market fluctuations.
|Medium to High|
This option has the same allocation to growth and defensive assets as the default MySuper option, with a similar level of exposure to shares. However, this option applies a range of ethical screens to investments.
|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, or members with a higher risk tolerance.
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 offered by Spirit Super.
- Diversified Fixed Interest
- Australian Shares
- International Shares
Spirit Super default insurance cover
Eligible members can 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 that's based on your age and occupation. If you're in a high-risk industry, your insurance cover will be at a higher cost. You can also opt out of all insurance cover all together at any time.
How to join Spirit Super
You can join online by completing the application form on Spirit 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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