Australian Super is a highly rated superfund, used by millions of Australians to take care of their retirement funds. On top of offering Australians superannuation, Australian Super’s My Super product also includes basic insurance.
With an annual administration fee of $382, Australian Super is quite cost-efficient compared with other superfunds as an option for Australians. It has also long been a top performer in the industry; over the last 10 years, has provided its members an average annual return of 8.42% on its My Super product.
Pros
- Average yearly return over ten years of 9.14%
- Recognised as a responsible investment fund
- Option to add personalised financial advice
Cons
- Only basic insurance is included
- Low customer reviews
- No customer service available on weekends
Table of Contents
About Australian Super
Australian Super is an industry fund that is used by more than three million Australians, making it the country’s largest superfund.
Over the last 10 years, Australian Super has been a high performing super fund–giving its members an average annual return of 8.42% via its balanced investment option.
Australian Super’s balanced investment option is its default MySuper product, which is the product that will be analysed in this review. Australian Super does however have many other retirement investment products, such as high growth, conservative balanced, index diversified and more.
When a member joins Australian Super, they are automatically enrolled into the MySuper product. Overall, according to data from more than 900 consumer opinions on Product Review, Australian Super has ranked only 1.3 stars out of 5.
Fees
The annual administration fee for Australian Super’s MySuper product is $382. This figure is based on a balance of $50,000 and covers administration, investment and transaction costs.
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What’s included?
Australian Super offers its members additional services to provide a complete package of retirement planning rather than solely superannuation. While many of these services incur additional fees and costs, there are a few that are complementary for MySuper members.
Insurance
Basic insurance is included, with the option to add cover for life insurance, total permanent disability (TPD) insurance, and income protection.
Financial advice
Australian Super offers its MySuper members one complimentary session with a financial advisor. Personalised, ongoing advice with a financial advisor can also be purchased.
Australian Super’s Average Performance
A superfund’s performance is measured by looking at its average rate of returns across a specified period of time. In this review, we have looked at Australian Super’s 1-year performance and 10-year performance for its My Super product.
Many superfunds aim to reach a ‘target return’ level, which is the Consumer Price Index plus 3% a year over ten years. For example, if inflation averages at 3%, the target return level for a superannuation fund would be a 6% average over ten years.
Currently, inflation is hovering around 5% and Australian Super’s average performance over the past decade has been 8.42%.
Its performance over the past year, comparatively, has been 8.04%.
ESG Credentials
Many Australians are becoming increasingly aware of where their money is being invested into, and wanting to find superannuation funds that invest in companies and policies that align with their values.
While many superannuation funds have been offering socially responsible investment options for quite some time, they are still under growing pressure from members to completely divest from fossil fuel companies or put pressure on those companies to cut their carbon emissions.
To demonstrate its environmental, social and governance (ESG) responsibility to its members, Australian Super has signed on as a member of the Australian Council of Super Investors and has been a signatory of the United Nations Principles of Responsible Investment since 2008.
Australian Super was also recognised by the Responsible Investment Association Australasia as a Responsible Investment Leader in 2021.
Customer service
Australian Super offers its members the ability to access customer service from 8am-8pm on weekdays. This includes via a livechat function that is accessible from 8am-7:30pm, Monday to Friday, and a phone line that is manned from 8am-8pm.
There is no customer service available on weekends.
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Frequently Asked Questions (FAQs)
Is Australian Super the largest superfund in Australia?
Yes, Australian Super is Australia’s largest superfund. It has more than 3 million members according to its latest data, 635,000 of whom joined in the year to June 31, 2022 alone.
Can I make extra contributions to Australian Super?
Yes, there are a couple of ways you can make extra contributions to your Australian Super account and grow your retirement fund.
You can choose to salary sacrifice (if your employer offers such); or you can set up a direct deposit–by bank account or BPAY– on your after-tax pay, for a once-off or recurring contribution.
What is Australian Super’s ABN and USI?
When registering Australia Super as your superannuation provider with your employer, you will have to provide details of the fund in addition to your personal details. These details can include the Unique Superannuation Identifier; Australian Business Number; Superannuation Product Identifier Number; Superannuation Fund Numbers; and business address.
Australian Super’s details of the above are as follows:
- ABN: 65 714 394 898
- USI: STA0100AU
- SPIN: STA0100AU
- SFN: 2683 519 45
- Address: GPO Box 1901, Melbourne VIC 3001
What are Australian Super's fees?
In the year to June 30, 2023, Australian Super charged an annual administration fee of $447. In the new financial year, Australian Super lowered its annual administration fee down to $382 due to positive performance.
When can I withdraw from Australian Super?
For most Australians, your superannuation funds will stay in a fund until you reach retirement, with the money then assisting you and your lifestyle once you leave the workforce. Occasionally, there are times where you may require access to your super early: such as for financial hardship or to consolidate existing accounts.
As to when you can withdraw from Australian Super, it will depend on your reason and permissions from the ATO.
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