A part of the community since the late 40s, Vision provide superannuation and retirement solutions you can use to grow your savings for when you stop work.
Vision offer two types of super fund, how you enrol with Vision dictates which fund you join. For example, if you sign up outside your work, you join the Personal Plan.
As well as providing superannuation solutions, Vision also offer retirement income stream accounts. You can use these products to receive a regular income from a lump sum payment when you stop work.
Vision Super manages more than $7 billion for over 100,000 Australians.
How these awards will change the way you approach Visions Super
- SuperRatings - Vision Super Super Saver - Elite platinum performance 10 years in a row - 2004 - 2014
- ESi Award - Australian Service Excellence Awards - Vision Super - Customer judged award given for ease of service with a super provider - 2013.
- SelectingSuper Award - Personal Super Product of the Year - Value Choice - Consistency of performance, insurance package and price value
A closer look at Vision Super
Vision Super offer two different variations of their super fund, the Vision Super Saver and the Vision Personal Plan. How you join dictates which fund you’re enrolled in. If Vision Super is your employer’s default super fund, you join the Super Saver.
If you join online outside your work, you join the Personal Plan. The Super Saver provides a MySuper default investment option and automatic insurance cover to members. Vision Super also provide retirement income stream accounts which pay you a regular income once you retire or reach your preservation age.
What’s internet banking like with Vision Super?
Vision Super offer you an online portal you can use to manage your superannuation and income stream accounts. You can update your personal details, review and switch your investment options, view statements and insurance cover from your computer or mobile device 24 hours a day 7 days a week.Back to top
What super funds are offered by Vision Super?
Vision Super Saver and Personal Plan are Vision Super funds. There are small differences between the two funds. If your employer uses Vision as the default workplace superfund, you’re automatically enrolled in the Vision Super Saver fund when your employer starts making contributions on your behalf. If you join Vision Super online, you’re placed in the Vision Super Personal Plan. Both funds have similar features; however, the Personal Plan has no default investment option and no automatic insurance.
The following features apply to the Vision Super Saver and Personal Plan funds.
- Investment options. Choose between 8 premixed and single asset class investments. If you’re a Vision Super Saver member, you’re automatically enrolled in the MySuper option (Balanced Growth) if you don’t choose one of the following investment options. If you’re joining the Personal Plan, you have to make an investment choice when you apply.
Vision Super premixed investment options:
- Balanced Growth
- Balanced Conservative
Vision Super single asset class investment options:
- Australian shares
- Overseas shares
- Diversified bonds
- Contributions. You can make both concessional and non-concessional contributions to the Vision Super Personal Plan. Employer contributions, self employed contributions, salary sacrifice contributions and spouse contributions are all accepted.
- Internet banking. You can update your investment options, insurance cover and more via the Vision Super website.
- Fees. Administration fees, indirect cost ratio fees and buy-sell spread fees apply. You’re charged either a flat fee or a percentage of your total account balance. Insurance premiums are automatically deducted from your account each month depending on your level of cover. Refer to the product disclosure statement for a full list of fees and charges.
What are the features of the Vision Super Saver fund?
Investment options. Choose from up to 8 Vision Super investment options. If you don’t make an investment selection when you join Vision Super, your money is automatically invested in the Vision Super MySuper investment option — Balanced Growth.
- Insurance. Vision Super Saver members automatically get Total and Permanent Disablement (TPD) Insurance, Death and Income Protection cover. If you don’t meet the eligibility requirements for automatic cover (you’re over 70 years of age for example), you can apply for insurance within your super when you join Vision.
Features of the Vision Super Personal Plan
If you join Vision Super of your own accord, you must choose an investment option, there is no default investment option for Personal Plan members.
- Insurance. Vision Super don’t give you automatic cover when you apply to join the Personal Plan, although you can apply for cover if you meet the eligibility requirements. You can apply for up to $5 million of Death Cover, $2.5 million of Total and Permanent Disablement (TPD) insurance and up to $300,000 per month of Income Protection insurance.
What pension accounts are offered by Vision Super?
Vision Super offer a retirement income stream account for when you stop work or transitioning to retirement.
- Vision Super Income Stream. This account pays you a regular income once you reach your preservation age or you retire. You’re paid an income from this account until the balance runs out. You invest your initial deposit in one of Vision’s investment options and have dividends and gains paid to a bank account of your choice.
- Investment options. You must choose an investment option when you open a Vision Super retirement income stream account (this account does not include a default investment option).
Premixed investment portfolios include:
- Just shares
- Balanced Growth
Single asset class investment options include:
- Australian shares
- International shares
- Diversified bonds
You can change your selection of investments any time you like free of charge via the Vision website. Vision will put your change into effect within 3 business days.
- Minimum investment. You will need to deposit at least $10,000 to open this retirement income stream account.
- Pension payment frequency. You can opt to receive pension payments from your income stream account every fortnight, month, every two months, every quarter, four months or year.
- Minimum payment. The minimum amount you can receive each year is set by the federal government starting at 4% for people under the age of 65.
- Lump sum withdrawals. You can withdraw a lump sum from your income stream account (minimum $500). SImply complete a Benefit Payment Instructions Form. Lump sum withdrawal restrictions can apply if you’re claiming a non-commutable pension (transition to retirement).
- Tax. Any gains you make on your retirement income are tax free ONCE YOU REACH 60 YEARS OF AGE.
- Transition to retirement. The Vision Super Allocated Pension retirement account also can help you transition from work to retirement. By accessing your super when you’re still working, you can reduce your working hours and benefit from tax incentives. When you meet a condition of release, Vision Super automatically switch the transition to retirement account to a pension income stream.
- Fees. Administration and investment fees apply and vary based on your choice of investments. You can find out more about Vision Super fees and charges in the product disclosure statement.
- Eligibility. You can apply for this account if you’ve reached your preservation age and you’re still working (transition to retirement account) or you’re retired.
Here are some ways to improve your application for Vision Super
You can apply to become a member of Vision Super if you’re a temporary or permanent resident of Australia. If you’re joining Vision Super online, the application should only take 15 minutes to complete. Make sure you have your employer details and your tax file number handy.
You can join this fund if you are:
- Employed full time,
- Employed part time
- Employed casually
- Self employed.
You’re required to make an initial contribution of $2,000 when you become a Vision Super Personal Plan member.
How do I apply for a Vision income stream?
You can apply for a Vision income stream account if you have:
- Reached your preservation age and you’re still working (transition to retirement account)
- Fully retired
- Retired due to total and permanent disability.
You have a 14 day cooling off period after you apply to join Vision Super in which you can cancel your membership without penalty.
Vision Super can help you grow your retirement nest egg. But be sure to compare super funds before you apply. We can help you compare funds by answering any questions about the products listed on finder.com.au