Whether you’re looking for a superannuation fund or a pension account, Statewide super deserves your attention.
Statewide is a South Australian industry fund that you can join no matter where you live or what you do for a living. In 2012, Statewide merged with Local Super, another South Australian super fund. Statewide is now the leading industry fund based in South Australia and Northern Territory. It services more than 18,000 employers and over 150,000 members, and has in excess of $6 billion in funds under management. Since this is an industry fund, it is able to returns profits to its members in the form of reduced fees and charges. As a member, you get access to the Statewide Super Advantage Program, through which you can avail of a number of special offers. The Australian Prudential Regulation Authority (APRA) regulates the functioning of Statewide Superannuation Private Limited, the trustee of Statewide Superannuation Trust.
- SuperRatings, 2015. Statewide Super Personal and Statewide Super Employer Sponsored received Gold ratings.
Best things about Statewide Super
Statewide provides specialised assistance in realms surrounding superannuation and pension. It provides personalised service, flexible administration, periodical updates surrounding legislative changes as well as a free clearing house service. If you’re not sure how to go about your investing the money in your super, you can seek assistance through the Statewide financial planning service. This service is optional and comes at a cost. This industry super fund supports a number of organisations and associations, some of which include Brand South Australia, Aged and Community Services SA and NT Inc (ACS), Anglicare SA, Australian Workers Union, Family Business Australia (SA), South Australian Health and Medical Research Institute (SAHMRI), South Australian Council of Social Service (SACOSS), University of South Australia and Women in Super. When you join this super fund you get various investment options to choose from, which exist even in its pension account.Back to top
What’s internet banking like for Statewide?
As a member, you can access the Statewide online platform, Statewide.On.Line, at any time. Registering for access is easy, which you can do online or over the phone. This platform lets you view your account balance and transaction history. You can also use it to change personal details and amend your investment strategy.
What super funds are offered by Statewide?
When you become a Statewide super member you can invest your money in one or more of its diversified or single asset class options.
- Conservative. This option is ideal for individuals who favour medium to long-term returns coupled with low volatility levels. It comes with low to moderate risk, requiring you to stay invested for three to five years. Most of your investment goes towards diversified bonds, followed by cash, property, Australian shares, international shares, alternative debt and infrastructure.
- Conservative Balanced. This option offers potentially higher returns over a longer term, with a minimum suggested investment period of five years. It comes with moderate levels of risk. While most of your money invests in diversified bonds, this option pays more weighting to Australian and international shares when compared to the previous option.
- Active Balanced. Consider going this way if you don’t mind moderate to high risk levels for relatively high returns, and can remain invested for seven years or more. This option invests the largest percentage in Australian shares, followed by international shares and diversified bonds. Property, infrastructure, cash and alternative debt also make the cut.
- Sustainable Diversified. If you’re looking for high returns over a medium to long term, this options may work well for you. It comes with moderate to high risk, and a minimum suggested investment period of seven years. It favours Australian shares slightly more than international shares. It also invests in Australian and international bonds, direct property and infrastructure, GREITs as well as growth alternatives.
- MySuper. This option comes with high risk, requiring you to ideally stay invested for a minimum period of seven years. It invests your money in Australian shares, international shares, diversified bonds, infrastructure, property, cash, growth alternatives and alternative debt, in that order.
- High Growth. If you don’t mind very high exposure to risk in order to benefit through potentially high long term returns, this option can work for you. Australian shares make up for a significant portion of this portfolio, followed by international shares, infrastructure, property, growth alternatives, alternative debt and cash.
- Single asset classes. The single asset classes you can choose from include cash, diversified bonds, Australian shares and international shares.
What pension accounts are offered by Statewide?
You can open a Statewide pension account once you reach your preservation age, as an existing super member or a new customer.
- Drawing income. You can choose to receive your pension payments fortnightly, monthly, quarterly, half-yearly or yearly. You have the option of making a lump sum withdrawal at any time, provided you withdraw a minimum of $2,000. You can choose the amount you wish to receive as your pension payment, as long as it exceeds the minimum limit prescribed by the government.
- Investment options. How you wish to invest the money in your pension account is basically up to you. You can choose to invest in one or more investment options that Statewide offers. The diversified options include conservative, conservative balanced, active balanced, sustainable diversified, growth and high growth. You also get to choose from single asset classes such as Australian shares, international shares, cash and diversified bonds.
Easy steps to apply or switch to Statewide
You can join Statewide and as an individual or an employer sponsored member. You can apply online or download an application from the Statewide website and send the completed form across by mail. You can become a member of this super fund at various stages.
- At the time of joining the workforce
- At the time of changing jobs
- When you start making plans for retirement
To become a Statewide super member you have to meet some basic eligibility criteria.
- You are a resident of Australia
- You have a tax file number
- To open a pension account, you have reached your preservation age
The application requires that you submit different kinds of information.
- Your name, phone number, residential address and email address
- Your tax file number
- Details about your employment
- Details about beneficiaries
- Details about how you wish to invest your money
After you become a Statewide member and get access to its secure online portal, you can make changes to your personal details, beneficiary details and investment options at any time.
While becoming a Statewide super member can work in your favour, it is important that you compare your options well. This is because you can find similar offerings through other superannuation providers as well.