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A guide to protecting your superannuation

Let's address your concerns regarding the protection and safety of your super fund.

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A superannuation fund is an invaluable and tax-effective way of saving towards your retirement. Given the importance of superannuation funds, it is essential that you are informed about your rights regarding super and find answers for any questions you might have regarding it's safety. To help you get started, we've answered some key concerns you may have below.

Q: Can money from your superannuation fund be used by your employer?

A: If you are concerned about your employer being able to use money from your superannuation fund, don't be. The money that is accumulated in these funds is held in trust, which means that it is not available for your employer to use.

Q: What if your employer goes out of business?

A: There is no need to worry about losing your superannuation in the event that your employer goes out of business because your super fund will be protected even if your employer has to cease operations.

Q: Do the trustees of your super fund have specific responsibilities?

A: The trustees of any superannuation fund have to make a lot of important decisions and choices but they also need to follow responsibilities as set out by the Superannuation Industry Act. These responsibilities include:

  • Ensuring that they always act honestly
  • Investing money carefully and properly, taking professional advice if they wish to
  • Ensuring that there are adequate reserves in the fund to pay the benefits of the member when the time comes
  • Keeping the assets of the fund separate from the employer
  • Providing statistics, documentation, statements, etc to enable consumers to see how their funds are performing
  • Maintaining accurate records and accounts of the superannuation fund

Q: What are the record keeping responsibilities of trustees relating to superannuation funds?

A: There are a number of record keeping responsibilities that trustees of superannuation funds need to adhere to in accordance with the Superannuation Industry (Supervision) Act. This includes the following:

  • The maintenance of accurate records in relation to the superannuation fund
  • Ensuring that all accounts relating to the superannuation fund are kept up to date and accurate
  • Keeping copies of certain reports and maintaining records of trustee meetings
  • Ensure that the accounts are audited on an annual basis
  • File an annual return with the Australian Prudential Regulation Authority

Q: What do trustees have to take into consideration when choosing superannuation funds?

A: Under the Superannuation Industry (Supervision) Act, trustees are asked to take into consideration a number of different things with regards to superannuation funds. This includes:

  • Risks and returns. Trustees are asked to take into consideration the risks and the likely returns that can stem from investments taking into account the fund objectives and the investment strategy
  • Diversity of investments. The Act asks trustees to consider the variation and diversity of the investments in the fund's portfolio e.g. looking at spreading investments across different asset classes to reduce risk rather than having all of their eggs in one basket
  • Liquidity. Under the Act, trustees are also asked to take into consideration the liquidity of the investments in the funds based on its cash flow requirements
  • Meeting liabilities. Trustees are also required to take into consideration the needs of the superannuation fund in regards to being able to meet its current, as well as its possible future, liabilities

Seeking professional advice? Get in contact with an advisor today

Virgin Money Super

Virgin Money Super - Lifestage Tracker (1969 - 1973)

  • MySuper fund available
  • Manage your account online 24/7
  • Automatic Death and TPD cover

Virgin Money Super

Boasting competitive fees and a choice of eight investment options, Virgin Money allows you to tailor a superannuation investment plan that meets your needs. Earn Velocity Frequent Flyer Points on eligible contributions (T&Cs apply) and receive personal advice through Virgin’s Helpline Advice Service.


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Name Product Past Performance - 1 Year Past Performance - 3 Years Past 5 year performance Calculated fees on $50,000 balance
Virgin Money Super - Lifestage Tracker
Virgin Money Super - Lifestage Tracker
-1.36%
New fund
New fund
$358
Earn Velocity Frequent Flyer Points for making contributions to your super. T&Cs apply.
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AustralianSuper - Pre-mixed, Balanced option
AustralianSuper - Pre-mixed, Balanced option
1.21%
7.56%
7.84%
$467.65
Enjoy discounted rates on banking products with ME Bank and health cover with GMHBA health insurance.
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Australian Catholic Super Lifetime - Grow
Australian Catholic Super Lifetime - Grow
-0.22%
4.86%
5.43%
$603
Choose between 14 different investment options, including a socially responsible option.
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LGIAsuper MySuper Lifecycle - Under 75
LGIAsuper MySuper Lifecycle - Under 75
1%
6.59%
6.39%
$598
Socially responsible and ethical investment options available.
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QSuper Lifetime - Aspire 1
QSuper Lifetime - Aspire 1
2.85%
7.57%
N/A
$395
Pay no entry, exit or switching fees and enjoy a range of different investment options with QSuper.
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Superestate Balanced Essentials
Superestate Balanced Essentials
New Fund
New Fund
New Fund
$291.50
Superestate focuses on investing your super in residential properties and charges some of the lowest annual fees in the market.
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Sunsuper Lifecycle Balanced
Sunsuper Lifecycle Balanced
1.9%
7.51%
7.47%
$523
Earn a Retirement Bonus of up to $4,800 when you open a new Income account. T&Cs apply.
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First State MySuper Life Cycle Growth
First State MySuper Life Cycle Growth
1.14%
6.95%
6.73%
$549.42
More Info
HESTA - Core Pool
HESTA - Core Pool
2.54%
7.21%
7.19%
$548.53
Get access to one-on-one professional advice at no additional cost.
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Australian Ethical Super Balanced
Australian Ethical Super Balanced
0.5%
4.95%
6.29%
$662
Choose investment options that align with your personal values.
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BT Super for Life - MySuper Lifestage Fund
BT Super for Life - MySuper Lifestage Fund
-2.16%
5.03%
5.41%
$643
Access offers, deals and discounts through the BT Super Benefits Now program.
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Cbus Growth
Cbus Growth
1.84%
7.78%
7.87%
$565
Enjoy discounted health insurance with HCF.
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BUSSQ MySuper Balanced Growth
BUSSQ MySuper Balanced Growth
1.73%
6.45%
7.24%
$682.65
Get fee-free advice on your superannuation as a BUSSQ member. T&Cs apply.
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Suncorp Lifestage Fund
Suncorp Lifestage Fund
-1.04%
4%
5.27%
$581.80
Receive a complimentary financial planning session with a Suncorp financial planner.
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HostPlus Balanced
HostPlus Balanced
2.17%
8.44%
8.32%
$621.76
Enjoy discounted rates on banking products with ME Bank.
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MTAA My AutoSuper (Balanced)
MTAA My AutoSuper (Balanced)
0.99%
6.43%
7.56%
$529.76
Access simple personal advice at no cost.
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MLC MySuper Growth Portfolio
MLC MySuper Growth Portfolio
N/A
N/A
N/A
$728
Gain access to lifestyle offers and benefits on NAB financial products and services.
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REST Super - Core Strategy
REST Super - Core Strategy
0.63%
6.23%
6.24%
$497.60
Earn rewards and vouchers through the AIA Vitality program.
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UniSuper Balanced
UniSuper Balanced
0.88%
6.56%
7.45%
$361
A flexible industry super fund for people who work in Australia’s higher education and research sector.
More Info

Compare up to 4 providers

The information in the table is based on data provided by Chant West Pty Ltd (AFSL 255320) which is itself supplied by third parties. While such information is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such information. Chant West’s Financial Services Guide is available at https://www.chantwest.com.au/financial-services-guide . Finder offers no guarantees or warranties about the data and we recommend that users make their own enquiries before relying on this information. Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. Past performance is not a reliable indicator of future performance.

*Past performance data is for the period ending December 2018.
Disclaimer: Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. This article is general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.

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