Virgin Money Super: Performance, features and fees

Last updated: Aug 25, 2020

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.

3.59%

Past performance - 1 year

N/A

Past performance - 5 Years

$358

Annual fees on $50k balance

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Details

Details

Product Name	Virgin Money Super - Lifestage Tracker
Past performance - 5 Years	N/A
Annual admin fee	$58 + 0.39% of balance p.a.
Insurance included	Death,TPD
Number of members	18,000

Performance figures quoted on this page are correct to December 2020, according to Chant West. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.

Alison Banney

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Alison Banney is the banking and investments editor at Finder. She has written about finance for over seven years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

What are the key features of Virgin Money Super?

Low fees. Virgin Money 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.

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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 Money Super Choice Investment Options 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 Super's authorised MySuper product.

Year of birth	Risk level	Target asset allocation
Born before 1954	Medium to high	Australian shares: 5-35% International shares: 5-35% Real assets: 0-25% Alternative assets: 0–20% Growth fixed interest: 0-10% Defensive fixed interest and cash: 30–60%
1954–1958	High	Australian shares: 10–40% International shares: 10–40% Real assets: 0–25% Alternative assets: 0–20% Growth fixed interest: 0–10% Defensive Fixed interest and cash: 20–50%
1959–1963	High	Australian shares: 10–40% International shares: 20–50% Real assets: 0–25% Alternative assets: 0–20% Growth fixed interest: 0–10% Defensive fixed interest and cash: 10–40%
1964–1968	High	Australian shares: 15–45% International shares: 25–55% Real assets: 0–20% Alternative assets: 0–20% Growth fixed interest: 0–10% Defensive fixed interest and cash: 0–30%
1969 - 1973	High	Australian shares: 20-50% International shares: 30–60% Real assets: 0-25% Alternative assets: 0–20% Growth fixed interest: 0-10% Defensive fixed interest and cash: 0–20%
Born after 1973	High	Australian shares: 20-50% International shares: 30–60% Real assets: 0-25% Alternative assets: 0–20% Growth fixed interest: 0-10% Defensive fixed interest and cash: 0–20%

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: 25–45% International shares: 20–50% Real assets: 0–30% Alternative assets: 0–20% Growth fixed interest: 0–10% Defensive fixed interest and cash: 10–40%
Enhanced indexed conservative growth	Medium	Australian shares: 0-30% International shares: 0-30% Real assets: 0–25% Alternative assets: 0–20% Growth fixed interest: 0–10% Defensive fixed interest and cash: 50–80%
Indexed Australian listed property	High	Indexed Australian listed property: 90–100% Cash: 0–10%
Cash option	Very low	Cash: 100%

What insurance options are available with Virgin Money 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)

From 1 April 2020, automatic cover will not apply for new members until you're aged 25 and your account balance has reached $6,000. However, you may be able to elect to have insurance cover before you're 25 and/or your balance has reached $6,000 (eligibility conditions may apply).

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.

Example annual cost on $50,000 balance in Lifestage Tracker

Annual admin fee: $58 + 0.39% of balance
Indirect costs including investment fees: 0.21%
Calculated annual cost of product: $358

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 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.

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Virgin Money Super: Performance, features and fees