12/06/2023
๐ ๐๐ก๐ข๐ง๐ ๐ฌ ๐ญ๐จ ๐ฅ๐จ๐จ๐ค ๐๐จ๐ซ ๐ฐ๐ก๐๐ง ๐๐ก๐จ๐จ๐ฌ๐ข๐ง๐ ๐ ๐๐ฎ๐ฉ๐๐ซ ๐
๐ฎ๐ง๐
๐๐. ๐๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐๐จ๐ซ ๐ญ๐ก๐ ๐ฅ๐จ๐ง๐ ๐ญ๐๐ซ๐ฆ
The performance of your super fund can make a big difference to your balance when you retire. Choosing a fund that has a history of strong, long-term returns can help you make the most of your super and save more for retirement. When you compare funds, consider past performance and ensure youโre looking at the net benefit. Thatโs the investment returns delivered to you by your fund minus admin fees, investment fees and taxes youโre charged on those investment returns.
๐๐. ๐๐๐ ๐ฐ๐ก๐๐ญ ๐๐๐๐ฌ ๐ฒ๐จ๐ฎ'๐ฅ๐ฅ ๐ฉ๐๐ฒ
Super funds charge administration and investment fees to cover the cost of managing your account and investing your money. Not all funds charge the same amounts, or in the same way. Some funds charge a set fee and some charge a percentage of your account balance while some charge a combination of the two.
๐๐. ๐๐ง๐จ๐ฐ ๐ญ๐ก๐ ๐ญ๐ฒ๐ฉ๐ ๐จ๐ ๐๐ฎ๐ง๐
In Australia, there are a range of types of super funds - including industry super funds and retail funds. As Australiaโs largest Industry super fund, we donโt pay dividends or profits to shareholders - so the money we make goes back into the fund for the benefit of members. Our focus is on providing strong, long-term performance1 for the benefit of over 3 million members.
๐๐. ๐๐ก๐ ๐ข๐ฆ๐ฉ๐จ๐ซ๐ญ๐๐ง๐๐ ๐จ๐ ๐ข๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐
Many people receive a basic level of insurance cover when they join a fund. The 3 most common types of insurance cover offered by super funds are Life insurance (also known as death cover), Total & Permanent Disablement (TPD) cover, and Income protection.
๐๐. ๐๐ง๐จ๐ฐ ๐ก๐จ๐ฐ ๐ฒ๐จ๐ฎ๐ซ ๐ฌ๐ฎ๐ฉ๐๐ซ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐๐
When money goes into your super account either from your employer or via voluntary personal contributions itโs invested by the fund in ways to help it grow. When youโre choosing a fund, consider the range of investment types on offer and know how your money could be invested. Most funds offer default investment choices where your options are pre-selected.
๐๐. ๐๐ซ๐ฎ๐ฌ๐ญ๐๐ ๐ก๐๐ฅ๐ฉ ๐๐ง๐ ๐๐๐ฏ๐ข๐๐ ๐ฐ๐ก๐๐ง ๐ฒ๐จ๐ฎ ๐ง๐๐๐ ๐ข๐ญ
Confidence comes from being with a fund that offers a range of help and financial advice options to suit your circumstances. Make sure youโre with a fund thatโs available when you need them, and offers a variety of help and advice options. Many funds also offer personal advice from a financial planning expert.