The advent of Super Choice is a great opportunity to choose a fund that works as hard as you do.
Vital points to consider
When considering super funds, it's important to look closely at which really serves your financial future best. Here are a few pointers that may help:
- Understand thoroughly the current fund you are in and what it really offers you.
- Compare investment options and long-term performance. (The Australian Government suggests at least a five-year performance evaluation.)
- Compare fees every single one of them. Look at administration charges, entry and exit fees (which can be substantial), plus ongoing management fees that can range from 0.5% to 2.5% per year.
- Beware of commissions. These can be substantial and can make a huge difference to your long-term accumulation of retirement funds.
- Compare insurance offerings.
- Compare other member services and benefits including helplines, websites and extras you value. Such as low-cost banking, health insurance and discounted travel and accommodation.
Why not put us through our paces now with this super fund comparator (398KB).