There are many different areas to consider when it comes to comparing the fees and costs of super funds. Different funds charge different fees, offer alternative investment options and provide insurance products with various options and levels of cover and premiums. Taking a holistic view of all these key performance areas will give you a better understanding of the overall benefits of your super account.
Fees and costs
It is important to be aware of the fees you are being charged, as these can have an impact on your overall balance. The Government has mandated fees are to be disclosed under prescribed headings. This legislation requires all super funds to provide a breakdown of fees and an example of the cost of a $50,000 account balance in their Product Disclosure Statements (PDSs). This is to ensure consistency across funds in comparing the costs of different MySuper products.
For Intrust Super Core Super | MySuper members, this information can be found on pages 8 and 9 of the Core Super | MySuper PDS.
Investment performance
Superannuation is designed to grow over the long term. Steady, strong and consistent long-term performance from your super fund, is more reliable than short-term top performance. Your fund’s investment portfolio should be well-diversified to protect your balance from any short-term fluctuations.
Intrust Super is proud to have been rated a Platinum-performing fund by SuperRatings, an independent ratings company, for 14 years. You can view more details about Intrust Super’s historical performance on their website^.
Insurance products
Insurance products are usually attached to super accounts, but premiums and cover levels vary from fund to fund, so it’s important to make sure your super fund’s insurance policy is competitive and right for you.
Eligible Intrust Super members can be covered automatically for:
- up to 90% of their income with income protection insurance (including casual workers)
- up to $300,000 of life and TPD insurance* ($300,000 is the default amount of cover for new members under age 40) and extra cover can be applied for.
It’s also worth checking if your super account receives any insurance tax credits. At Intrust Super, the 15% tax offset received through the insurance premium tax deduction is credited back to members’ accounts.
Final note
Considering all aspects of your super fund’s performance will help give you the most accurate assessment of your super account. That way you’ll be better equipped to compare your fund with other funds on the market and decide if your super savings are in the best position to grow for your retirement.