Compare Super Funds Australia

By Brad Buzzard ·
Fact Checked

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; this currently sits at 12% of your base pay and will remain there for the foreseeable future.

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.

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:

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.