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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.
78 listings
Industry Super FundsMedia Super
Latest review: Still haven't received spouses death benefit. Every time I try to contact case manager there busy.ask to be contacted back calls are never returned. Absolutely disgusting to be treated like this at
- Review Summary
- Transparency 1.0 (2)
- Customer Service1.0 (3)
Public Sector Superannuation FundsLGIAsuper
Latest review: Worst Super fund around, in my opinion. Slow to process ANYTHING and I would recommend transferring your super balance to ANY other fund. Requires no stars. They send text messages with incorrect
- Review Summary
- Transparency 1.7 (3)
- Customer Service1.3 (3)
- Rates and Fees2.0 (2)
Industry Super FundsTasplan
Latest review: I was called by Tasplan to advise me of options and the staff were really helpful and really listened to me and understood my needs. Highly recommend very satisfied with
- Review Summary
- Customer Service3.5 (2)
Retail Superannuation FundsANZ Smart Choice Super
Latest review: I have been with ANZ “Smart Choice” for 1 year now and I have had a number of poor experiences. The most recent is withdrawing super due to COVID 19. The process keeps getting drawn out with other sup
- Review Summary
- Transparency 1.0 (10)
- Customer Service1.0 (11)
- Rates and Fees1.0 (5)
Industry Super FundsKinetic Super
Latest review: Several years ago I contacted kinetic and asked them to cancel my insurances because I was already covered elsewhere. Almost 3 years later I discovered they had still been taking out almost 6 dollars
Retail Superannuation FundsPlum Financial Services
Latest review: My employer has 3 employees who have super funds with Plum. This month Plum sent back the contributions for the previous month for 1 of these employees even though they have been accepting them with
- Review Summary
- Transparency 1.7 (6)
- Customer Service1.6 (8)
- Rates and Fees4.0 (1)
Retail Superannuation FundsMercer Wealth Solutions
Latest review: Had been with mercer super for about 15 years because my employer had an employer account with them. I retired and kept my super there. I live overseas and trying to contact mercer was a constant
- Review Summary
- Transparency 1.0 (6)
- Customer Service1.0 (8)
- Rates and Fees2.0 (3)
Industry Super FundsPrime Super
Latest review: Administratively understaffed obviously, unable to accurately and timely set up new funds, automatically applied for and withdrew insurances without my permission, and they also have an inability to
- Review Summary
- Transparency 1.0 (1)
- Customer Service1.0 (2)
Industry Super FundsEquipsuper
Latest review: Am a current member and I cannot even get hold of them to make a super claim. After 11 months of trying both via email and phone I'm now taking legal action. Put your super elsewhere do not go with
- Review Summary
- Transparency 1.0 (1)
- Customer Service1.0 (1)
Retail Superannuation FundsSuncorp WealthSmart
Latest review: After 12+ months with Suncorp Superannuation, i received one increase of a few dollars, and all the other transactions have been monthly admin fees and levies. They are not even performing a small
- Review Summary
- Customer Service3.0 (2)
- Rates and Fees3.0 (1)
Industry Super FundsTWUSUPER
Latest review: What sort of company will allow their client to give verbal authority to their family and friends but not a financial adviser? That doesn't make any sense to me, a financial adviser is the most
- Review Summary
- Transparency 1.7 (3)
- Customer Service1.0 (4)
- Rates and Fees1.0 (1)
Industry Super FundsStatewide
Latest review: I have been with Statewide for over 13 years. Recently I have been treated by staff with such an arrogant and obstinate attitude I have never experienced anywhere. I realise in today’s trying virus t
- Review Summary
- Transparency 1.0 (4)
- Customer Service1.0 (4)
- Rates and Fees1.0 (2)
Retail Superannuation FundsVirgin Super
Latest review: Been with them for 6 years, I'm now on the verge of homeless with a child need my super to be released and was told no your not of age nor it's not for medical reason, no it's not it's so my son
- Review Summary
- Transparency 1.0 (3)
- Customer Service1.0 (3)
- Rates and Fees1.0 (1)
Superannuation FundsSimple Choice Super
Latest review: This team makes Super Simple to manage, I have only been with Simple Super for just on 3 months, but thank you team for all your hard work to help me manage this, Your team has allowed me to get
- Review Summary
- Transparency 4.9 (7)
- Customer Service5.0 (7)
- Rates and Fees4.7 (6)
SMSF / Small FundsiCare Super
Latest review: We've been using iCare pretty much since they started several years. They've proven extremely helpful on those occasions when we've needed to solve a problem or meet a filing
- Review Summary
- Transparency 5.0 (3)
- Customer Service5.0 (3)
Retail Superannuation FundsSpaceship
Latest review: Spaceship makes it easy for me to understand where my superannuation is invested. It's forward focused and they actually care about their customers. I really like how I can see how much I have
Retail Superannuation FundsSuperestate
Latest review: Super simple online platform, very easy to completely look after myself. The property portfolio is also great - nice to see houses all across Australia generating returns for my super. Would
- Specifications
- Investment Fee0.2%
Retail Superannuation FundsFairVine
Latest review: I had a number of Super from previous employers that I have been looking to consolidate. FairVine made the process convenient and stress-free for me. FairVine's customer-care is excellent and
- Review Summary
- Transparency 5.0 (3)
- Customer Service5.0 (4)
- Rates and Fees5.0 (3)
Corporate Super FundsMercy Super
Latest review: Mercy Super have great returns, low fees, excellent insurance and fantastic, personalized support. I have never had a problem dealing with them and have found their staff to be knowledgeable and
SMSF / Small FundsWealthtrac
Latest review: Overall its a great superannuation product, with only minor issues and a modern computer system. Its a product i would highly recommend. Wealthtrac is a master trust super fund with a very advanced