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A guide to your super fund with Virgin Money

A closer look at Virgin Money Super

Virgin Money Super is an accumulation-style super product that allows you to build your balance through personal and Superannuation Guarantee contributions. With an aim to help you take control of your super and retire sooner, it offers a choice of eight investment options. Virgin Money Super is a plan in the Mercer Retail Division of the Mercer Super Trust. Part of the Marsh & McLennan Companies, Mercer is one of Australia’s largest super providers and administers super for 1.3 million members. Virgin Money is a financial services business that is part of the global Virgin brand and has a commitment to providing simple and transparent financial services and products.

What’s Internet banking like for Virgin Money Super?

Virgin Money Super makes it quick and easy to manage your super account online 24 hours a day, 7 days a week. When you log in to your online account you can search for and consolidate super, check your balance, monitor your contributions, assess your overall investment performance and adjust your investment mix.

What are the features of Virgin Money Super?

Virgin Money Super offers a wide range of benefits to members, including:

Flexibility

Virgin Money Super allows you to take control of your retirement balance. You’re allowed to switch between a wide range of investment options as many times as you want without incurring any extra fees.

Eight investment options

There are eight investment options (detailed below) to help you tailor your super investments to suit your financial goals.

Free super advice

Virgin Money Super customers can access simple super advice from Virgin Money’s team of qualified financial advisers via its specialist Helpline Advice Service. This service is available at no additional cost.

Automatic insurance cover

Australian residents aged between 15 and 64 who join Virgin Money Super receive automatic death and total & permanent Disablement (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

What investment options are available in Virgin Money Super?

Choose between two investment options - one where you're in full control, and the other which does the work for you.

  • LifeStage Tracker Investment Option. The LifeStage Tracker option takes care of managing your investments for you, automatically adjusting your investment strategy each year to ensure that your asset mix matches your life stage. This sees your investments gradually shift from high-risk growth assets to low-risk defensive assets. For example, if you’re 30 years old, you’ll have a spread of approx. 40% in Australian shares, which moves to 27% when you’re 60 and 20% when you’re over 70.

Alternatively for customers who want more control, you can choose your own investments from the below seven asset classes. Investment costs and admin fees can vary between the two policies. You can switch between these two super plans whenever you like for free.

  • Indexed Australian Shares. The Indexed Australian Shares option invests mainly in Australian shares and is designed for people targeting high growth who are willing to accept a high level of risk. The minimum suggested investment timeframe is 10 years.
  • Indexed International Shares. Investing mainly in global shares, this option is designed for people targeting high growth who are willing to accept a high level of risk. The minimum suggested investment timeframe is 10 years.
  • Australian Listed Property. If you choose this option your balance will mainly be invested in Australian listed property. It’s designed for those wanting exposure to growth assets who are willing to accept a high level of risk over a period of at least 10 years.
  • Cash Option. The objective of the cash option is to maintain the money you invest and provide an annual return above that available on bank bills as measured by the Bloomberg AusBond Bank Bill Index. It has a very low risk level and a minimum suggested investment timeframe of one year.
  • Indexed Diversified Shares. This option sees your super balance invested mainly in Australian and international shares. It’s designed for people who want exposure to growth assets and who are willing to accept a high level of risk over at least 10 years.
  • Enhanced Indexed Growth. This option spreads your investment capital across most asset classes but with the main focus on growth assets. With an aim to provide a return of CPI + 3% (after tax and investment fees) per annum over a rolling three-year period, it’s designed for investors who can tolerate a high level of risk over a five-year period.
  • Enhanced Indexed Conservative Growth. This option spreads your investment capital across most asset classes but with the main focus on defensive assets. With an aim to provide a return of CPI + 1.5% (after tax and investment fees) per annum over a rolling three-year period, it’s designed for people who are willing to accept a low to medium level of risk over three years.

What fees apply to Virgin Money Super?

The table below outlines the fees that apply to your Virgin Money Super account.

FeeHow much is it?How and when is it paid?
Administration fee (dollar based)$58 per member per yearDeducted monthly from account balance
Administration fee (asset based)0.394% per yearDeducted daily when unit prices are determined
Investment feesLifeStage Tracker: 0.116% p.a. of your account balance in this optionAustralian Shares: 0.20% p.a. of your account balance in this optionInternational Shares: 0.20% p.a. of your account balance in this option Australian Listed Property: 0.20% p.a. of your account balance in this option Cash: 0.10% p.a. of your account balance in this option Indexed Diversified Shares: 0.20% p.a. of your account balance in this option Enhanced Indexed Growth: 0.24% p.a. of your account balance in this option Enhanced Indexed Conservative Growth: 0.24% p.a. of your account balance in this optionGenerally calculated and deducted daily when unit prices are determined
Insurance administration fee$18 p.a.Deducted monthly from account balance
Exit fee$100Deducted at the time of withdrawal

How to apply for Virgin Money Super

There are two ways you can join Virgin Money Super:

  • Your employer joins you. The first way is if your employer chooses Virgin Money Super as its default super fund. Your employer will nominate you as a customer and the fund will send you confirmation of your account.
  • You join as an individual. If you choose Virgin Money Super yourself, you can join online via the Virgin Money website. You will usually be sent the details of your Virgin Money Super account within 30 minutes of completing the online application form. Once your details have been confirmed you can log in to your online account and start managing your investments.

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
  • A four-digit PIN

Frequently asked questions about Virgin Money Super

Your investment options can be managed through your Virgin Money Super online account, allowing you to manage your investments whenever you wish.
Yes, an exit fee of $100 will be deducted from your balance prior to your money being transferred.
You can make voluntary after-tax contributions at any time online via BPAY. The BPAY Customer Reference Number and Biller Code can be found in your Virgin Money Super online account.
Yes, the LifeStage Tracker Investment option is the MySuper option.
No, there is no fee for switching between investment options, allowing you to switch as often as you like.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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