Your retirement savings are getting a raise... with one big caveat
.png)
Get ready: your superannuation is about to receive what might be its last scheduled percentage boost for years. From next month your employer's Super Guarantee (SG) contribution hits the landmark 12%.
With no further increases currently locked in by law beyond this 0.5% jump, this final SG hike to 12% means your choice of super fund just became even more important. Is your super fund up to the task?
How the 12% Super Guarantee impacts your pay
This boost affects your pay differently depending on your employment agreement:
- Base salary + super. Great news, you’re getting a raise! Your super contributions will increase, giving your retirement savings an extra lift without reducing your take-home pay from this change.
- Total package (super included). Heads up: if you’re on a package, this SG increase usually means more of your existing package value goes to super (unless your employer has preemptively agreed to eat the difference). Yes, this will likely mean less in your actual take-home paycheck. But look on the bright side: you’ll pay less tax on the bit going into super.
It’s a good idea to check your contract to see how it affects you, and talk to your employer if there’s anything you need clarified.
Why this (potentially final) boost needs a top super fund
The super guarantee rate is unlikely to move past 12% for a while, so the stakes for your fund's performance get even higher. With larger contributions, the gap between what a top-performing, low-fee fund can achieve versus a mediocre one becomes much harder to miss.
Consider the upcoming 12% super rate a welcome win. With this change naturally bringing super top of mind, it’s a great opportunity to secure another win: making sure your fund is set to truly maximise it. Ask yourself:
- Are high fees eating into my contributions?
- Is poor performance holding my super back compared to other funds?
- Is my fund the right fit for my age and retirement goals?
If the answer is ‘no’ to any of these, now’s the time to find a fund that won’t undermine your hard earned contributions.
So make sure this valuable (and potentially final) increase truly works for you by having your money in a competitive, high-performing fund. Switching is easier than you think.
Here are some funds we think deserve a look:
Compare super funds
Virgin Money Super
- Mozo Experts Choice Award winner for Exceptional MySuper + Low Fee MySuper 2025
- Earn Velocity points on contributions and any funds rolled over (T&Cs apply)
- Simple super advice at no additional cost + automatic Death and Total Permanent Disablement cover
Virgin Money Super is a retail superannuation fund available to Australians and backed by Mercer Super, who has been providing superannuation related services to Australians for over 40 years. It offers a range of investment options from a fully managed Lifestage Tracker that does the investment work for you, to a choose your own investment mix option that gives you the opportunity to invest your money where you’re most comfortable. One Velocity Frequent Flyer Point will be awarded for every $5 of Net Super contribution during the Points Earn Period and the maximum number of Velocity Points in any financial year is 250K.
Virgin Money Super also provides automatic Death and Total Permanent Disablement cover and includes additional insurance options. Members can also get simple super advice over the phone from a qualified financial adviser at no additional cost.
Aware Super
- Aware Super manages over $190 billion in retirement savings for over 1.1 million Australians
- Track record of delivering super long-term returns – 8.09% p.a. over 10 years to 31 March 2025 in the High Growth option, where a majority of members are invested.
- Winner of the 2025 Mozo Experts Choice Awards for Exceptional Super Fund for Gen X.
- Investment flexibility: Choose from a range of diversified options or single asset class options, or MySuper Lifecycle which automatically tailors your investment mix to your age over time.
Aware Super is one of Australia’s largest industry funds, managing over $190 billion for more than 1.1 million members. With a range of investment options including diversified, high-growth, and sustainable choices, Aware Super allows you to tailor your super to match your financial goals and risk appetite. As a profit-to-member fund, Aware Super prioritises delivering strong returns^ while keeping fees competitive^^, so more of your money stays invested for your future. It’s also committed to responsible investing, focusing on industries like healthcare, education, and clean energy to create positive long-term impacts. It has tools and resources to help you stay on top of your super including a mobile app, retirement planner, calculators as well as online and in-person educational events and retirement planning and advice (fees may apply).
AMP Super
- 175 years of experience in helping Aussies secure their financial future.
- Access a retirement health check via phone or My AMP with no extra fees
- A simple investment menu with exposure to leading investment managers to suit a wide range of investor needs
With over 175 years of experience, AMP has helped generations of Australians grow and manage their super through a mix of expert guidance, flexible options and easy-to-use digital tools. You can tailor your investment approach to suit your style, whether that’s building a personalised strategy with help from an adviser, or by choosing your own path through our simple investment menu.
The default AMP MySuper option continuously evolves with your life stages as you get older, and over 5 years to 31 March 2025:
- The 1990s Plus option delivered returns of 10.27%
- The 1980s option delivered returns of 10.25%
- The 1970s option delivered returns of 9.66%
Every member also gets access to a retirement health check with no extra fees, designed to support confident planning at every stage, available by phone or through the My AMP app.
Superhero Super
- Strong performance and low fees #
- Your choice of professionally-managed portfolios or directly investing in options like ASX 300 shares, ETFs, and managed funds
- Award-winning in-app experience ##
- Easy-to-use digital dashboard for managing your portfolio
Superhero Super is designed for Australians who want greater control over their super, offering a unique way to tailor their retirement savings. Unlike traditional super funds, Superhero Super lets you invest directly in a range of ASX 300 shares, ETFs, and managed funds, giving you the flexibility to shape your portfolio based on your own financial goals and risk appetite. In addition to this, Superhero Super boasts a selection of diversified investment options managed by Mercer, which you can select from if you’d rather leave your super to the professionals.Superhero’s easy-to-use online platform puts your super in your hands, allowing you to track and manage your investments in real-time.
And the best part? Superhero Super’s fees are lower than 75% of other super funds.
Spaceship Super
- Choice of growth or Index fund option
- Simple fee structure
- Digital dashboard to help you see where and how your super is invested
- 2025 Mozo Experts Choice Award winner - High Growth
Spaceship Super first launched in 2017, and says that above all else it’s focussed on building long-term value for its members. This is why the fund’s options are primarily suited to people who are looking to save for retirement for at least the next 10 years, or longer. Members have a choice of the GrowthX option, which has a focus on Global technology companies, and the Global Index option which passively invests in growth assets, particularly international shares. Both options have a competitive performance track record according to Spaceship (based on annualised performance since inception) and have a simple fee structure.
Spaceship Super’s digital platform helps you to keep track of your balance, and also gives you visibility of where and how your super is invested. If you’re saving for your first home, you can also set up a first super saver account.
Winner of a Mozo Expert Choice Award for Exceptional Super in the High Growth Category.
Aware super disclaimers:
^SuperRatings Fund Crediting Rate Survey, March 2025. Based on SR50 Growth (77-90) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.
^^Chant West Super Fund Fee Survey December 2024, High Growth [81-95% in growth assets] investment option index and $50,000 account balance. Fees and costs can vary from year to year. Past fees and costs are not a reliable indicator of future fees and costs. Fees and comparisons may differ for other investment options and account balances. Aware Super’s High Growth option as published in the Aware Super Future Saver PDS.
Superhero disclaimers:
#Low Fees - Findings based on Superhero’s analysis of SuperRatings’ Fee Report - October 2024, accessed 5 December 2024. Fees for Superhero Super’s Growth and High Growth investment options are in the top quartile based on Total Fees and compared against the SR50 Balanced (60-76) and SR50 High Growth (91-100) Indices respectively. Performance - Findings based on Superhero’s analysis of SuperRatings’ Fund Crediting Rate Survey – October 2024, accessed 5 December 2024. Based on Superhero Super’s Growth and High Growth options being in the top quartile for one year return across the SR50 Balanced (60-76) and SR50 High Growth (91-100) Indices respectively. Refer to the Superhero Super PDS and TMD for found at superhero.com.au/support/documents for more information.
## Awarded-Winner: Best for Mobile Experience in the WeMoney Investment Awards 2023
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.