Virgin Money Super: Performance, features and fees

Virgin Money Super - Lifestage Tracker

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Virgin Money Super offers a low-fee lifestage investment option that changes as you get older.

Virgin Money Super offers two different ways to invest your retirement savings depending on how involved you want to be with your super, including a MySuper approved product. Automatic death and total and permanent disability (TPD) insurance cover is included when you join and you can also tailor your insurance cover to provide added protection.

What are the key features of Virgin Super?

• Low fees. Virgin Super's default MySuper investment option, Lifestage Tracker, charges low annual fees.
• Invest in line with your age. The Lifestage Tracker invests your money according to your age and adjusts over time so you're invested in more low-risk assets as you get older.
• Opt for a build-your-own investment option. If you don't want to go with the Lifestage Tracker, you can build your own investment portfolio from a range of asset-based investment portfolios.
• Default insurance included. You'll automatically receive default death and TPD cover and you can increase this cover if needed or choose to opt out entirely.
• Manage your account online. You can access your account 24/7 online to keep an eye on your balance, switch investment options or make your own contributions.
• Earn Velocity Points. Virgin Money rewards you with Velocity Points for making contributions to your super. You could earn 1 Velocity Point for every $5 you contribute.

What investment options are available with Virgin Money Super?

Virgin Money Super offers two different ways to invest: Lifestage Tracker and Virgin Choice. The Lifestage Tracker is the default option and invests your super in line with your age on your behalf. Virgin Choice allows you to choose one or a mixture of asset-based portfolios.

Note that if you fail to select which option you'd like to go with you'll be invested in the Lifestage Tracker, which is Virgin Money's authorised MySuper product.

• Investment option 1: Lifestage Tracker

  Year of birth	Risk level	Target asset allocation
  Born before 1949	Medium to high	Australian shares: 5–35% International shares: 5–35% Property and infrastructure: 0–15% Alternative assets: 0–10% Higher yielding fixed interest: 0–10% Fixed interest and cash: 40–70%
  1949–1953	Medium to high	Australian shares: 5–35% International shares: 5–35% Property and infrastructure: 0–15% Alternative assets: 0–10% Higher yielding fixed interest: 0–10% Fixed interest and cash: 35–65%
  1954–1958	High	Australian shares: 10–40% International shares: 10–40% Property and infrastructure: 0–15% Alternative assets: 0–10% Higher yielding fixed interest: 0–10% Fixed interest and cash: 25–55%
  1959–1963	High	Australian shares: 15–45% International shares: 15–45% Property and infrastructure: 0–15% Alternative assets: 0–10% Higher yielding fixed interest: 0–10% Fixed interest and cash: 15–45%
  1964–1968	High	Australian shares: 20–50% International shares: 20–50% Property and infrastructure: 0–15% Alternative assets: 0–10% Higher yielding fixed interest: 0–10% Fixed interest and cash: 5–35%
  Born after 1968	High	Australian shares: 25–55% International shares: 25–55% Property and infrastructure: 0–15% Alternative assets: 0–10% Higher yielding fixed interest: 0–10% Fixed interest and cash: 0–30%

• Investment option 2: Virgin Choice

  Investment option	Risk level	Target asset allocation
  Indexed diversified shares	High	Australian shares: 40–70% International shares: 40–70% Fixed interest and cash: 0–10%
  Indexed Australian shares	High	Australian shares: 90–100% Fixed interest and cash: 0–10%
  Indexed overseas shares	High	Global shares: 90–100% Fixed interest and cash: 0–10%
  Enhanced indexed growth	High	Australian shares: 20–45% International shares: 20–45% Property and infrastructure: 0–15% Alternative assets: 0–15% Higher yielding fixed interest: 0–15% Fixed interest and cash: 10–40%
  Enhanced indexed conservative growth	Medium	Australian shares: 5–25% International shares: 5–25% Property and infrastructure: 0–15% Alternative assets: 0–10% Higher yielding fixed interest: 0–10% Fixed interest and cash: 50–80%
  Australian listed property	High	Australian listed property: 90–100% Cash: 0–10%
  Cash option	Very low	Cash: 100%

What insurance options are available with Virgin Super?

Australian residents aged between 15 and 64 who join Virgin Money Super receive automatic death and TPD insurance. However, you can opt out of insurance cover at any time if you don't think you need it.

Tailored insurance cover

If you want a higher level of cover, you can apply for the following cover options through your Virgin Money Super account:

• Up to $5 million death cover
• Up to $2 million TPD cover
• Up to $30,000 per month income protection cover (maximum 75% of your monthly salary)

What are the fees charged by Virgin Money Super?

You'll be charged fees on your account for admin and investment management, plus indirect costs of managing the fund. The below example is the fees you'll pay if you had $50,000 invested in the Lifestage Tracker.

• Other fees and costs

  The Virgin Choice investment options also charge an annual admin fee of $58 + 0.39% of balance. These investments charge slightly higher investment and indirect costs ratio fees, as shown in the table below.

  Investment option	Investment fee (% p.a.)	Indirect cost ratio (p.a.)
  Australian listed properties	0.200	0.08
  Cash	0.100	0.02
  Indexed diversified shares	0.200	0.08
  Indexed Australian shares	0.200	0.07
  Indexed overseas shares	0.200	0.09
  Enhanced indexed growth	0.240	0.10
  Enhanced indexed conservative growth	0.240	0.11

  *These fees were correct as of January 2019.

  There is an exit fee of $100 charged when you leave the fund before withdrawing your balance.

How do I join Virgin Money Super?

If you're ready to join Virgin Money Super, you can join online via the Virgin Money website by clicking "Go to site". The application process is simple and should only take you 10–20 minutes to complete.

To complete the online application form you will need to provide:

• Your name, date of birth and gender
• Your address
• Your phone number and email address
• Your tax file number (TFN)
• Your chosen investment option and insurance cover

If you want to roll over your existing super into your new Virgin Money Super fund you'll also need to have your current super details handy.

You'll be sent the details of your Virgin Money Super account shortly after completing the online application form. If you'd like your employer to make your compulsory super payments into this fund, be sure to give your employer your Virgin Money Super account details.