Join Virgin Money and choose between a default MySuper investment option or actively manage your own investments by mixing and matching from up to 6 single asset and blended portfolios.
You get a default level of cover in your super, which you can tailor to your needs using Virgin’s online platform and pay a low fee structure comparable to most other super funds on offer.
Unlike other super fund providers, surprisingly, Virgin does not offer a retirement income stream account for when you reach your preservation age. You can find out more about Virgin Super below.
- SuperRatings - Silver Rating 2015 - Virgin Super Essentials & Virgin Super Plus - Awarded a silver rating for providing general value and quality benefits and insurance to fund members.
The best things about Virgin Super
Virgin Money Super is managed by Macquarie Funds Management. The default MySuper investment option, LifeStage Tracker - Balanced adjusts your investment mix as you get older. As you near retirement your target asset allocation moves away from growth and towards more stable defensive assets.
For example, if you’re under 40, you’ll have a spread of approx. 50% in Australian shares, which moves to 25% when you’re in your 50s and 10% when you’re over 60. The Virgin Super LifeStage TrackerUnder 40's mix - Balanced fund has returned 5.55% in 10 years leading up to the 31st of December 2015.
What’s internet banking like for Virgin Super?
Update your insurance preferences, manage your investment options, view your account balance and switch between Super Essentials and Super Plus 27/4 by logging into your online account via the Virgin Super website. Virgin also have a customer care team you can call for help with any question about your super.
What super funds are offered by Virgin?
Virgin Super Essentials is Virgin’s default investment option super fund. Super Plus is for members who want to manage their own investment. Super Plus offers similar features to Super Essentials; investment costs and admin fees can vary between the two policies. You can switch between these two super plans whenever you like for free.Back to top
Virgin Super Essentials & Super Plus
Virgin Super Essentials is an authorised MySuper product. MySuper super funds have a default investment option, low fees and a basic level of insurance.
MySuper investment option. The MySuper investment option from Virgin is called LifeStage Tracker - Balanced. This investment fund automatically tailors your investment mix to suit your life stage. As you get older, the fund will decrease your exposure to riskier growth assets.
Super Plus: choose from up to 6 investments. If you opt-out of the LifeStage Tracker - Balanced MySuper plan and choose your own investments, you’re automatically moved to the Virgin Super Plus plan. You can choose to invest in one or more of the following investment options available to Super Plus members.
- Lifestage Tracker – Balanced
- Lifestage Tracker – Aggressive
- International shares
- Australian shares
- Cash & Fixed Interest
- Insurance. Virgin give both Super Essentials and Super Plus members Automatic Insurance. This gives you a default level of Death and Total & Permanent Disablement Insurance. You’re also eligible to apply for Income Protection Insurance. Automatic Insurance means you’re eligible for cover without medical examinations or answering any questions about your lifestyle or medical history. Your benefit is based on your age and premiums are automatically deducted from your account. Your cover begins when you make your first contribution. Age limits apply.
- Contributions. All regular types of contributions are allowed: Government guarantee, voluntary, spouse, government co-contributions and salary sacrifice contributions.
- Fees. The Super Essentials plan and Super Plus plan differ when it comes to the administration fee. It works out to be a little cheaper if you’re a Plus plan member with an account balance greater than $250,000. Virgin charge administration fees, investments fees and an indirect cost ratio fee to both Essentials and Plus plan members. The product disclosure statement has a full list of the fees and charges applicable to this fund.
Effective ways to get more out of your application
Complete an online application to join Virgin Super. You don’t have to work in a particular industry to be eligible to join Virgin Money Super. Eligibility requirements include:
- You must be an Australian resident
- You must be eligible to choose your own super fund
You will need to choose between Super Essentials and Super Plus. If you select Super Plus, you’ll also need to select your investments by logging in to your online account. If you opt for Super Essentials default MySuper plan, you can switch to Super Plus at any time after you apply free of charge.