There are over 240,000 VicSuper members and VicSuper has $15 billion of member funds under management. VicSuper provide superannuation and retirement products you can use to grow your retirement income.
The FutureSaver super fund includes a MySuper investment option as well as a blended investment portfolios and access to different asset sectors.
VicSuper also provide a retirement income stream account you can use to invest too. A look at the VicSuper trophy cabinet shows a list of awards from industry commentators for providing strong returns and value for money. Read on for information about VicSuper superannuation and retirement products.
A snapshot of awards has VicSuper won
- Chant West - 5 Apples - The highest rating for providing high value features to members.
- SuperRatings - Platinum Rating - Awarded for providing the highest level of value to money to members - Awarded to VicSuper in 2013, 2014, 2015 and 2016.
- Financial Review Blue Ribbon Smart Investor Awards - Industry Super Fund of the Year - 2015.
A closer look at VicSuper
VicSuper offer a superannuation fund and pension and transition to retirement accounts, The super fund, the VicSuper FutureSaver is available to all Australians. VicSuper’s pension accounts can help you transition to retirement as well as maintain a comfortable lifestyle after you’ve stopped working. These accounts give you access to VicSuper’s investment portfolios. Choose from 9 different investment options including pre-mixed investment portfolios and single asset classes and VicSuper’s default MySuper investment option.
What’s internet banking like for VicSuper?
VicSuper give you everything you need to manage your superannuation fund over the internet through their online platform, MembersOnline. Log in to MembersOnline to view your balances and transaction history, insurance cover details, view and change your investment options and update personal details from your home or mobile internet connected device.
Back to topWhat super funds are offered by VicSuper?
Anyone can apply to become a member of VicSuper and their FutureSaver super fund.
VicSuper FutureSaver The VicSuper FutureSaver fund offers a MySuper fund investment option. Opting-in to the VicSuper default investment option gives you a diversified investment strategy, low fees and a basic level of insurance. You can choose your own investment mix; however, this can come at the cost of higher investment fees. It’s important to note that there are some differences in the insurance cover depending on whether you join this fund through your employer or not. This is covered in the insurance section below.
- Investment options. VicSuper give you 9 different ways to invest your money. VicSuper FutureSaver MySuper is the default investment option. This is an average risk Growth portfolio managed to outperform the CPI by 4% - 5% over 10 years. If you want to manage your investment options yourself, you can choose to invest in one of a combination of the following VicSuper options:
Pre-Mixed
- Capital Secure
- Capital Stable
- Growth (MySuper)
- Balanced
- Equity Growth
- Equity Sustainability
Sector investments
- Cash
- Term Deposits
- Australian Shares
You can change your investment mix once per day as many times as you like.
- Insurance.
- If you join through your employer. Members who join through their employer are known as EmployeeSaver Members. EmployeeSaver Members automatically get 6 units of Death and Total & Permanent Disablement Insurance and Income Protection Insurance for a weekly premium.
- Personal applications. If you join on your own, you do not receive any insurance cover when you join this fund. You can apply for cover by completing a VicSuper Insurance Request Form.
- Fees. The usual super fund fees apply: administration fees, investment fees, Indirect Cost Ratio Fees are charged on a weekly or yearly basis. Advice fees can also apply if you stay with the default MySuper investment option. The product disclosure statement has a full list of the fees and charges applicable to your account.
- Contributions. Accepted contributions include: employer contributions, after tax contributions, self employed contributions, spouse contributions and more.
What pension accounts are offered by VicSuper?
VicSuper offer three pension products, the VicSuper Flexible Income pension and Transition to Retirement Pension (TTR), and the VicSuper Guaranteed Income pension account. The Flexible Income and TTR pension accounts act as a transition to retirement account and the Guaranteed Income pension is for when you’re fully retired.
- Investment options. If you open the Flexible Income, TTR and Guaranteed Income pension accounts, VicSuper give you 9 different ways to invest your retirement income. Invest in the following:
Pre-mixed
- Capital Secure
- Capital Stable
- Balanced
- Growth
- Equity Growth
- Equity Growth Sustainability
Sector assets
- Cash
- Australian Shares
- Term Deposits
- Pension payments. Choose to get paid every fortnight, month, quarter, half-year or year.
- Fees. Although fees are low, administration fees do apply. There are investment costs and account keeping fees too. These fees are charges every week and annually.
- Minimum investment. You need to contribute at least $10,000 when you open a VicSuper Flexible Income, TTR or Guaranteed Income account.
- Financial advice. VicSuper will give you superannuation advice free of charge.
- Tax. If you’re over 60, all payments from your VicSuper retirement income stream are tax free.
What you need to know before you apply or switch funds to VicSuper
There are two ways to join VicSuper. You can join through your employer or your can fill out an application form on the VicSuper website. Anyone can join VicSuper, including:
- If you’re self employed
- You’re looking to change super funds
- Your spouse wants to pay contributions to a super fund on your behalf
- You’re unemployed
All Australian residents eligible to become a member of the VicSuper FutureSaver super fund. If you’re joining as an individual, you have a 14 day cooling off period to cancel your membership without penalty.
Am I eligible for a VicSuper pension?
If you’d like to apply to become a member of VicSuper’s Transition to Retirement, Flexible Income or Guaranteed Income pension products:
- You’ve reached your preservation age
- You must have access to at least $10,000 of non-preserved super funds.
If you have a question about VicSuper products, ask us a question using the form at the bottom of the page. We can help you with your comparison of super products; however, we can’t provide personal or financial advice.
