Virgin Money Super: Performance, features and fees
The Virgin Money Super Lifestage Tracker investment option is a low-fee super fund which changes your investment mix as you get older, so you're invested in more growth assets while you're young.
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Virgin Money Super performance and fees
You'll automatically be invested in the Virgin Money Super Lifestage Tracker investment option when you join the fund. You can see the different age-based options for the Lifestage Tracker product in the table below, however the exact investment option you're in will depend on your age and will be applied automatically when joining. If you'd prefer to choose a different investment option instead of the Lifestage Tracker, you can switch to one of the Choice investment options any time after joining.
Key features of Virgin Money Super
- MySuper-authorised product. Virgin Money Super's default investment option, Lifestage Tracker, is a MySuper-authorised product.
- Low fees. The Virgin Money Super Lifestage Tracker charges low annual fees in comparison to many other super products in the market.
- 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.
- Advice at no extra cost. Virgin Money Super has a team of qualified financial advisers to provide simple advice on your super account – at no additional cost to you.
What investment options are available with Virgin Money Super?
Virgin Money Super offers two different ways to invest: Lifestage Tracker or Choice. The Virgin Money Super Lifestage Tracker is the default option and invests your super in line with your age on your behalf. Virgin Money Super Choice investment options allow you to choose one or a mixture of asset-based portfolios.
Note that if you don't select which option you'd like to go with after joining the fund, you'll be invested in the Lifestage Tracker, which is Virgin Money Super's MySuper-authorised product.
Investment option 1: Virgin Money Super Lifestage Tracker
Your super will be invested in a pre-mixed, diversified fund with exposure to a range of asset classes including local and international shares, property, fixed interest. The amount of your super that's invested in growth assets (like shares) will be higher while you're young, and gradually reduce as you get older and closer to retirement.
| Investment option | Risk level | Target asset allocation |
|---|---|---|
| Born before 1954 | Medium to high |
|
| Born between 1954–1958 | High |
|
| Born between 1959–1963 | High |
|
| Born between 1964–1968 | High |
|
| Born between 1969 - 1973 | High |
|
| Born after 1973 | High |
|
Investment option 2: Virgin Money Super Choice investment options
If you'd prefer to select your own investment option, you can choose one of the following options instead of the Lifestage Tracker option. The Choice investment options are still managed on your behalf and invest in a mix of different asset classes, however the asset allocation doesn't change according to your age.
You can create your own investment mix by selecting a few of the different Virgin Money Super Choice options and choosing how much of your balance to invest in each one.
| 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% |
| Indexed Australian Listed Property | Very High | Indexed Australian listed property: 90–100% Cash: 0–10% |
| Cash | 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.
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
- Lesser of 1/12 of 75% of Salary and $30,000 per month, up to a maximum of two years for Income Protection
As of 1 April 2020, automatic cover does 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).
How to 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 (you can switch investment options after joining)
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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