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Protecting your superannuation

Here's how to protect your super and make sure you're not losing your retirement savings to unnecessary fees and charges.

Your superannuation is the main way of saving for retirement. Given the importance of your super, it's important to make sure it's protected and be sure that it's in good hands. Luckily, the Australian superannuation sector is heavily regulated.

Protecting Your Super legislation

In 2019 the government introduced new legislation called the 'Protecting Your Super package. This legislation was introduced to try an stop young people, and people with low super balances, from having their super eaten away by fees and charges.

Here's what's included in the legislation, and why:

Inactive super accounts closed

If your super account balance is less than $6000 and hasn't received a contribution for 16 months it will be deemed as 'inactive'. If your super is deemed as inactive the money will be sent to the ATO and the ATO will try and track down your current super fund instead, where it'll send the money. Then, your inactive account will be closed. This is to prevent your super being eaten away by fees if you've since opened a new account and forgotten about it.

Inactive insurance cancelled

If your account is inactive (that is, hasn't received a contribution for 16 months) the fund will also need to cancel your insurance and stop charging you insurance fees.

Cap on annual fees

If your super balance is less than $6000 there will also be an annual cap on the annual fees, so they can't be more than 3% of your account balance. Again, this is to prevent your balance being erroded by fees while you might not be working, earning a low income or taking time out of the workforce.

However, annual fees of 3% is still very high, and you should be looking for a super fund that has fees less than 1.5% of your account balance.

No exit fees

Super funds are no longer allowed to charge you an exit fee if you want to leave the fund. You can change super funds at any time, with no fee to do so.

Super stapling

Your super fund will be 'stapled' to you and come with you from job to job. Previously, you could open a new super fund every time you started a new job. This would result in many people having several super funds in their name, and several sets of fees to pay. Now when you start a new job you will take your fund with you, unless you want to switch.

Common questions regarding the safety of superannuation

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

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.

What if your employer goes out of business?

There is no need to worry about losing your superannuation in the event that your employer goes out of business. Your super fund will be protected even if your employer has to cease operations. Super is completely separate from your employer, and the money is managed by the super fund.

If the economy is bad, will I lose all my super?

Your super is one big investment portfolio. So yes, when the sharemarket is down this means your super will be too. However, super funds are very diversified and invest in a lot of different things, not just shares. Your super is also invested in things like property, infrastructure, commodities like Gold and Silver and private investments. This helps to minimise your losses as while one market might be down, another market will be up. Another thing to remember is super is a long term investment. While you might have some years of poor performance due to the economy, over the long term it'll keep going up.

Tips for protecting your super

  • Keep your account log in details secret and don't share these publicly
  • Check your payslips regularly to ensure your employer is paying the correct amount of super into your fund
  • Check your superannuation statements regularly to ensure you're not being overcharged any incorrect fees
  • Lastly, compare super funds to make sure you're not paying more in fees than you need to be.

Compare your super options today

1 - 17 of 45
Name Last 1 year performance (p.a.) Last 3 year performance (p.a.) Last 5 year performance (p.a.) Last 10 year performance (p.a.) Fees on $50k balance (p.a.)
Australian Ethical Super Balanced
Green CompanyEthical
Last 1 year performance (p.a.)
+9.53%
Last 3 year performance (p.a.)
+6.73%
Last 5 year performance (p.a.)
+6.71%
Last 10 year performance (p.a.)
+7.56%
Fees on $50k balance (p.a.)
$603
Go to siteMore Info
Hostplus Balanced
Industry fund
Last 1 year performance (p.a.)
+8%
Last 3 year performance (p.a.)
+10%
Last 5 year performance (p.a.)
+6.89%
Last 10 year performance (p.a.)
+8.93%
Fees on $50k balance (p.a.)
$606
Go to siteMore Info
Aware Super High Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+10.92%
Last 3 year performance (p.a.)
+9.62%
Last 5 year performance (p.a.)
+7.64%
Last 10 year performance (p.a.)
+9.29%
Fees on $50k balance (p.a.)
$497
Go to siteMore Info
Virgin Money Super - LifeStage Tracker
LifestageHigher risk
Last 1 year performance (p.a.)
+13.07%
Last 3 year performance (p.a.)
+8.72%
Last 5 year performance (p.a.)
+6.98%
Last 10 year performance (p.a.)
N/A
Fees on $50k balance (p.a.)
$346
Go to siteMore Info
HESTA Balanced Growth
Industry fund
Last 1 year performance (p.a.)
+9.59%
Last 3 year performance (p.a.)
+8.61%
Last 5 year performance (p.a.)
+6.56%
Last 10 year performance (p.a.)
+8.02%
Fees on $50k balance (p.a.)
$477
Go to siteMore Info
CareSuper Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+11.7%
Last 3 year performance (p.a.)
+9.47%
Last 5 year performance (p.a.)
+6.95%
Last 10 year performance (p.a.)
+8.94%
Fees on $50k balance (p.a.)
$553
Go to siteMore Info
AustralianSuper - Balanced
Industry fund
Last 1 year performance (p.a.)
+8.23%
Last 3 year performance (p.a.)
+8.25%
Last 5 year performance (p.a.)
+6.75%
Last 10 year performance (p.a.)
+8.61%
Fees on $50k balance (p.a.)
$382
Go to siteMore Info
Australian Retirement Trust - Growth
Higher risk
Last 1 year performance (p.a.)
+11.96%
Last 3 year performance (p.a.)
+11.95%
Last 5 year performance (p.a.)
+8.36%
Last 10 year performance (p.a.)
+9.53%
Fees on $50k balance (p.a.)
$587
Go to siteMore Info
UniSuper Balanced
Industry fund
Last 1 year performance (p.a.)
+10.34%
Last 3 year performance (p.a.)
+7.54%
Last 5 year performance (p.a.)
+6.63%
Last 10 year performance (p.a.)
+8.37%
Fees on $50k balance (p.a.)
$351
Go to siteMore Info
Virgin Money Super Indexed Australian Shares
Indexed investmentHigher risk
Last 1 year performance (p.a.)
+14.74%
Last 3 year performance (p.a.)
+11.09%
Last 5 year performance (p.a.)
+7.58%
Last 10 year performance (p.a.)
N/A
Fees on $50k balance (p.a.)
$388
Go to siteMore Info
HESTA High Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+12.58%
Last 3 year performance (p.a.)
+11.27%
Last 5 year performance (p.a.)
+8.3%
Last 10 year performance (p.a.)
+9.46%
Fees on $50k balance (p.a.)
$557
Go to siteMore Info
UniSuper Conservative Balanced
Industry fund
Last 1 year performance (p.a.)
+5.5%
Last 3 year performance (p.a.)
+4.72%
Last 5 year performance (p.a.)
+4.51%
Last 10 year performance (p.a.)
+6.19%
Fees on $50k balance (p.a.)
$366
Go to siteMore Info
Australian Retirement Trust - Lifecycle Balanced Pool
Lifestage
Last 1 year performance (p.a.)
+9.88%
Last 3 year performance (p.a.)
+9.51%
Last 5 year performance (p.a.)
+6.98%
Last 10 year performance (p.a.)
+8.4%
Fees on $50k balance (p.a.)
$547
Go to siteMore Info
AustralianSuper Conservative Balanced
Finder AwardIndustry fund
Last 1 year performance (p.a.)
+5.64%
Last 3 year performance (p.a.)
+5.43%
Last 5 year performance (p.a.)
+5.04%
Last 10 year performance (p.a.)
+6.74%
Fees on $50k balance (p.a.)
$367
Go to siteMore Info
Australian Ethical Super Growth
Green CompanyEthicalHigher risk
Last 1 year performance (p.a.)
+11.43%
Last 3 year performance (p.a.)
+8.37%
Last 5 year performance (p.a.)
+7.44%
Last 10 year performance (p.a.)
+8.33%
Fees on $50k balance (p.a.)
$733
Go to siteMore Info
Australian Retirement Trust - Australian Shares
Higher risk
Last 1 year performance (p.a.)
+14.07%
Last 3 year performance (p.a.)
+11.6%
Last 5 year performance (p.a.)
+7.09%
Last 10 year performance (p.a.)
+8.76%
Fees on $50k balance (p.a.)
$352
Go to siteMore Info
UniSuper Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+12.51%
Last 3 year performance (p.a.)
+8.62%
Last 5 year performance (p.a.)
+7.1%
Last 10 year performance (p.a.)
+9.17%
Fees on $50k balance (p.a.)
$426
Go to siteMore Info
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Showing 17 of 45 results

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 period ending June 2023 and fee data is updated monthly.*Past performance data is for period ending June 2023 and fee data is updated monthly.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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