Compare Super Funds Australia
If you’re new to super or you’re looking to compare your existing superannuation fund with other options, you’ll need to understand some of the key aspects of super including long term performance, the fees charged, and the fund’s background.
Australians have a choice of superannuation provider and each fund will offer a range of investment options. You can switch super funds at any time or change your investment mix with an existing fund to better suit your life stage or retirement goals, so it’s always a good idea to know what options are available and stay informed of any important super changes.
Contributing to super
Employers are required to make Super Guarantee contributions on your behalf and for many Australians this is the most common type of contribution going into your super account. Currently the rate is set at 11% of your gross salary or wages, though it will increase by 0.5% on July 1 2024.
In addition to the Super Guarantee contributions there are other ways in which you can make contributions to your super and you can read more about them here in our guide to super contributions.
Choosing a super fund
There are a range of super fund options available including industry, retail as well as self managed super fund (SMSF) options. Traditionally, industry super funds were only open to members who worked in a particular industry but over time that’s changed and now many of the industry funds are available to all Australians. Here’s a look at some superannuation providers for you to consider.
Australian Retirement Trust
- One of Australia’s largest super funds with 2.2 million members and over $260 billion in retirement savings
- Profits for members
- Focused on strong long term investment returns and lower fees
- Exclusive member deals and discounts
The Australian Retirement Trust (ART) is one of Australia’s newest super funds formed out of the merger of Sunsuper and QSuper. ART is open to all Australians, works for members and not shareholders, which means its focus is on lower fees and better value products and services. It has a range of investment options depending on your risk appetite and lifestage and offers members rewards including exclusive discounts at retailers.
Membership also includes personal financial advice about your super accounts with them and eligible members are also provided with automatic Death and Total & Permanent Disability Assist cover. Tailored cover is also available (T&Cs apply).
Host Plus Super
- Industry super fund, profits go to members, not shareholders
- Over 1.77 million members and $103.7 billion in funds under management
- Strong investment performance over past 20 years together with low fees
While Hostplus’ origins are from the hospitality and tourism industry, it is now available to all Australians. As an industry fund, profits go back to members and it invests in projects that aim to derive strong investment returns for its members. It also aims to keep its fees and costs as low as possible. It has an option for members who want more control to make direct investments or you can also opt to let Hostpluses experts take care of your investments for you.
Hostplus also offers a range of insurance options (some automatic for eligible members), as well as financial planning and super advice to help you set and meet your retirement goals. Some advice may incur fees based on the level of advice.
UniSuper
- Record of strong long-term performance across a range of investment options with 615,000 members and $124 billion in funds under management.
- Fees among the lowest in the industry
- Responsible investor - Environmental, Social and Governance (ESG) factors are considered across its major investment holdings
- No commissions to advisers or profits to shareholders, member first fund
UniSuper is open to all Australians, though it built its reputation as the industry fund for the higher education sector. It has a record of strong long term investment performance (though this isn’t an indicator of future performance). According to recent Member Outcome Assessments, UniSuper promotes the best financial interests for its members and has some of the lowest administration fees in the industry. UniSuper champions responsible investment and its ESG approach includes direct engagement with companies on ESG issues as well as offering its members environmental and sustainable options to invest responsibly.
General advice about super and pensions is included as part of your membership but there are also paid advice services which vary in cost depending on the level of advice required.
Virgin Money Super
- Earn Velocity points on contributions and any funds rolled over (T&Cs apply)
- Strong performing investment fund
- Fees among the lowest in the industry for the Lifestage Tracker Option
- 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.
What to look for in a super fund
The main aspects to super that you’ll want to compare providers side by side on include:
- Performance - super is a long term investment so it’s a good idea to look at a fund’s performance over a 5-10 year period.
- Low fees - all superannuation funds will charge fees. Some will be charged on a percentage and others could be a dollar amount. Some funds might even charge both. Here's a more detailed explainer on types of super fees.
- Investment options - most super funds will let you choose from a range of investment options. They usually have a conservative, balanced and growth option. Some funds will also have ethical as well as the default MySuper option.
- Financial advice - super funds usually offer a mix of advice options from free help with setting up super through to comprehensive financial advice for an extra fee.
- Insurance - life, income protection and total and permanent disability (TPD) are some of the insurance options available via superfunds.
FAQs on super
Does it cost money to open a super account?
No, you don’t need to pay a fee to open a super account. You simply choose which provider you would like to invest with and apply to open a super account with them.
But super funds do charge administration and other fees so you should be aware of these before you sign up. It may be a good idea to consolidate your super accountsin order to minimise fees.
What information will I need to give my employer once I have opened a super account?
Once you have opened an account you will need to tell your employer your:
- Membership number
- The name of your super fund
- The ABN of your super fund
- The fund’s Unique Superannuation Identifier, trustee name and letter of compliance
What happens if I don’t choose a super fund?
If you don’t choose a super fund, your super will be paid into a default fund that is chosen by your employer. This is called a MySuper product.
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