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Superannuation is one of the most common, yet misunderstood topics in everyday finance. Most people know what superannuation is and recognise how important is, but few people have put any serious time into finding the best super fund for their lifestyle and financial goals. With so much advertising and industry jargon it can be difficult to see how one superannuation fund is different from another. To ensure you have the best super fund for your finances, we’ve decided to look at the major types of super funds available to Australians. A little bit of research and preparation can help you find the best superannuation fund for your retirement plans and futureproof your finances for whatever is lurking around the corner.
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Retail superannuation funds
Many Australians are signed on to a retail superannuation fund and these funds are generally run by banks or larger financial investment companies. Retail super funds are open to anyone and often offer a wide variety of investment opportunities for members. As they are owned by private companies however, it is important to note that retail funds are set up to retain some profit and not necessarily to members.
Industry superannuation funds
The other main superannuation option taken by Australians are industry superannuation funds. While some are open, industry super funds are typically restricted to members of industries and work with lower cost models for members. As industry super funds are not set up as private companies, any profits they make are put back into the fund with the intention of benefitting all the members.
Self-managed superannuation funds (SMSF)
An increasingly popular option for Australians looking to optimise their retirement finances is self-managed superannuation funds. With a self-managed super fund, you’re in control of where your money goes, rather than having it invested on your behalf by a fund manager. As you could imagine a self-managed super fund comes with its fair share of admin (and risk), but if you’ve got a background in finance it can potentially lead to greater returns.
Tips for finding the best superannuation fund:
- Compare your options – Part of what makes superannuation such a difficult decision to get right is the set and forget aspect of the accumulation phase. No matter how far you’re into professional life it’s always a good idea to compare your options. The grass isn’t always greener on the other side, but you don’t want to be losing valuable money.
- Consolidate your super – Australians with multiple superannuation funds are having their retirement finances bled dry by multiple fees and the tragedy is most of them don’t even realise it. If you’ve got multiple superannuation funds, it’s a good idea to find the best super fund for your financial goals and consolidate your super into that account.
- Keep an eye on everything – Most Australians discard their regular superannuation updates, but it’s crucial to keep an eye on your retirement finances. Over time a difference in fee requirements can accumulate and make a bit difference to the size of your nest egg.
77 listings
- Award Winner 2020
- 2019
Retail Superannuation FundsFuture Super
Latest review: I have been with Future Super for about 5 years now. The returns have been great even when markets have crashed which gives me thanks and feels like a reward that I have chosen the right way to
- Review Summary
- Transparency 4.9 (123)
- Customer Service4.9 (137)
- Rates and Fees4.8 (68)
- Award Winner 2020
SMSF / Small FundsOnline Super Fund
Latest review: I was let down from another super fund accountant, and once I had transferred over I started seeing results very quickly, their communication was great, I have no second thoughts of going
- Review Summary
- Transparency 5.0 (105)
- Customer Service5.0 (109)
- Rates and Fees5.0 (52)
- Award Winner 2020
- 2019
Public Sector Superannuation FundsVicSuper
Latest review: I was very happy with my recent COVID19 style telephone consultation with Vic Super Financial Planner Malcolm Vienet. I'm no financial expert and he put everything I needed to know in clear,
- Review Summary
- Transparency 4.8 (85)
- Customer Service4.8 (88)
- Rates and Fees4.7 (31)
- Award Winner 2019
- 2018
SMSF / Small FundsESuperfund
Latest review: Has been with eSuperfund for many years. I like the way their web site is set up and the way they collect details for the compliance. Get good response for my queries. Overall very satisfactory
- Review Summary
- Transparency 4.3 (36)
- Customer Service4.3 (40)
- Rates and Fees4.3 (20)
SMSF / Small FundsXpress Super
Latest review: I joined Xpress Super a year ago after huge dissatisfaction with expensive SMSF managers who managed my funds. I was wondering why it was called self managed as I didn't really get a look in! I'm
- Review Summary
- Transparency 4.7 (9)
- Customer Service4.5 (10)
- Rates and Fees5.0 (3)
- Award Winner 2019
SMSF / Small FundsDixon Advisory
Latest review: I was with Dixon's for about 6 years and during that time my super balance steadily declined because I took their advice and invested in their high fee, poor performance funds. I was continually
- Review Summary
- Transparency 2.2 (9)
- Customer Service3.9 (15)
- Rates and Fees1.6 (5)
Industry Super FundsHESTA Super Fund
Latest review: I've been with the fund for 5 years now and am happy with the service and the good they do for the community. Thank you HESTA for your help the other day when I
- Review Summary
- Transparency 4.5 (303)
- Customer Service4.6 (329)
- Rates and Fees4.3 (145)
Retail Superannuation FundsAustralian Ethical
Latest review: The horrendously slow and outdated platform, lack of transparency (investments and holdings) and poor customer service are pale in comparison to the even worse experience I had when exiting the fund.
- Review Summary
- Transparency 2.9 (10)
- Customer Service2.7 (13)
- Rates and Fees3.4 (8)
SMSF / Small FundsRedwood Advisory
Latest review: I moved my SMSF to Redwood about 3 years ago after having a bad experience with another SMSF manager. Just settled on a property, thanks to Ivan who made this
- Review Summary
- Transparency 5.0 (9)
- Customer Service5.0 (10)
SMSF / Small FundsUNIP SMSF Administration
Latest review: I switched over to UNIP because I was not happy with the service and expense of my previous accountant. I actually was shocked when I received their last invoice and thought there must be a better
Retail Superannuation FundsCrescent Wealth
Latest review: Not even one star. The worst customer service ever. I moved to New Zealand and completed all the paperwork with the KiwiSaver organization to transfer my superannuation from Crescent Wealth, but for
- Review Summary
- Transparency 1.0 (1)
- Customer Service1.0 (1)
- Rates and Fees3.0 (1)
SMSF / Small FundsNational Sterling
Latest review: Back in 2006, i was new into the property game and wanted to increase my property portfolio. They talked me into buying 2 properties. I could only afford one. My accountant had to assist me with
- Review Summary
- Customer Service1.0 (1)
Retail Superannuation FundsVerve Super
Latest review: I'd been meaning to switch to verve for so long, and finally did earlier this year and am so happy I made the change! It's comforting to know that my money is helping contribute to a better future -
- Review Summary
- Transparency 5.0 (13)
- Customer Service5.0 (13)
- Rates and Fees4.8 (5)
SMSF / Small FundsSuper Concepts
Latest review: Around 8 years with Multiport and Super Concepts. The service they provide is improving and recently Md Salauddin Kader was extremely helpful in providing information urgently. Payment of Bills has
- Review Summary
- Transparency 3.8 (21)
- Customer Service3.9 (23)
- Rates and Fees3.6 (10)
Industry Super FundsMTAA Super
Latest review: I as a young man never really cared for any Super as i was to busy having a great time chasing girls. Well 40 came around real fast, and i had nothing. My boss told me with the amount of money i was
- Review Summary
- Transparency 4.6 (34)
- Customer Service4.6 (37)
- Rates and Fees4.7 (10)
Industry Super FundsSunsuper
Latest review: Gamble your money and customer service is very unhelpful and lacks empathy. Over 1 year they lost me $8012 and blamed in on Covid19 even though the loses took place in 2022. I am changing funds
- Review Summary
- Transparency 3.5 (80)
- Customer Service3.8 (103)
- Rates and Fees3.6 (37)
Industry Super FundsRest Superannuation
Latest review: I have been a member since 2005 and recently applied for covid 19 early release of super. REST receieved my approval on tuesday 21st. They are meant to pay out within 5 days. I rang and updated my
- Review Summary
- Transparency 1.3 (84)
- Customer Service1.4 (95)
- Rates and Fees1.5 (48)
SMSF / Small FundsSuperGuardian
Latest review: I have been with Superguardian for about 4 years with my SMSF and the experience has always been positive.All the people I have dealt with are well qualified, knowledgeable and always helpful.If
Industry Super FundsUniSuper
Latest review: I've been with Unisuper for over 10 years in their High Growth, Sustainable High Growth, Global Companies in Asia and Global Environmental Opportunities options. Easy to use, easy to contact. The
- Review Summary
- Transparency 2.1 (8)
- Customer Service2.4 (9)
- Rates and Fees2.7 (6)
Public Sector Superannuation FundsQSuper
Latest review: I've been with QSuper over 20 years. It has very low fees, extremely good performance and easy online access. You can check your balance and it shows your balance daily changes (not just weekly) and
- Review Summary
- Transparency 3.0 (15)
- Customer Service2.2 (19)
- Rates and Fees3.7 (7)