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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
SMSF / Small FundsZuper
Latest review: Good: - clear mission to boost financial literacy (delivering that content) - onboarding - tailoring insurance - projections and helpful explanations Bad: - perceived value vs actual value (when
- Review Summary
- Transparency 4.5 (4)
- Customer Service4.3 (4)
Retail Superannuation FundsCommonwealth Bank Essential Super
Latest review: Iaround actually lost around $ 15600 with Esssential super in two months. I called them and they said they have invested my moniey in share market which went down. I am still loosing money every day
- Review Summary
- Transparency 1.0 (2)
- Customer Service1.0 (2)
- Rates and Fees2.5 (2)
SMSF / Small FundsRaboDirect DIY Super
Latest review: A little longer to open an account then I expected. But once in its great! Get an email every time rates change either up or down so I can talk it through with my husband and move to other options as
Industry Super FundsREI Super
Latest review: REI Super have looked after my affairs for both my employees and for myself as the principle. The returns that are received are fantastic and whenever we have an issue they have been quick to respond
Tax Preparation Services, Car Loans, Financial Planning Services and 2 moreIncome Tax Professionals · includes 5 listings
Latest review: Sara from ITP is an amazing tax agent working for ITP Ryde. We have filed our last two years tax lodgements with her and have been impressed with her attention to detail, professionalism, sense of
- Review Summary
- Transparency 2.8 (11)
- Rates and Fees2.4 (9)
Industry Super FundsClub Plus
Latest review: I have been with this company for 6 years. After checking my balance recently, I realised that the current balance is more than 5K less from my contribution. When I checked my transaction history, I
- Review Summary
- Transparency 1.0 (1)
- Customer Service3.0 (1)
- Rates and Fees1.0 (1)
Industry Super FundsLegalsuper
Latest review: My wife had contributed to legalsuper for some 15 years 7 months after she died legalsuper has still not settled my claim. From the beginning there has been a lengthy and difficult process to reach
- Review Summary
- Transparency 1.0 (2)
- Customer Service1.5 (2)
Public Sector Superannuation FundsGESB Super
Latest review: I have been with this fund for nearly 40 Years although not through choice. I have had so many problems dealing with them and their poorly trained staff.From the initial insult of having to wait 20
- Review Summary
- Transparency 1.8 (5)
- Customer Service1.8 (5)
- Rates and Fees2.3 (3)
Industry Super FundsCatholic Super
Latest review: I have been with the fund for 19 years and have never had any issues. It was a high performing fund which provided great communication on the growth of your super. This year, after being notified
- Review Summary
- Transparency 1.0 (1)
- Customer Service1.0 (1)
Retail Superannuation FundsGuildSuper
Latest review: The worst super fund available Straight out theft of insurance premiums income protection for a part time worker.... guild got rich while my wife got poorer If your wealthy don't worry, but if
- Review Summary
- Transparency 1.0 (1)
- Customer Service1.0 (2)
Industry Super FundsNGS Super
Latest review: I closed an NGS Super account. NGS received a late payment from a casual employer. they had all my details from the closed account. instead of returning the payment to the contributing employer
Public Sector Superannuation FundsSuper SA
Latest review: Their website is a joke. Sometimes it doesn't let you log in, sometimes it freezes, and when I wanted to make a change to my investment option online, it didn't let me do it! Unfortunately, as SA
- Review Summary
- Transparency 1.0 (1)
- Customer Service1.0 (1)
SMSF / Small Fundsipac
Latest review: Takeovers are terrible. We have been with the predecessors of IPAC for 20 yrs.Great! Now cant even get IPAC/AMP to return a phone call or answer an email. Helen and Carlie,
Corporate Super FundsIOOF Employer Super
Latest review: I have been on a self managed super fund for nearly 10 years and I have no problems with other super funds in transferring my super from my employers, but this Spectrum Super is the only one who has
SMSF / Small FundsMy SMFS
Retail Superannuation FundsKogan Super
- Specifications
- Admin Fee$162.00
- Investment Fee0.24%
Retail Superannuation FundsChallenger Guaranteed Annuity