Why Lynnsy switched super funds

Not all super funds are created equal. Industry super funds and retail funds charge very different fees, investment performance can vary significantly between funds, and so can insurance cover. The fund you choose to be with can make a noticeable difference to your retirement balance, as AustralianSuper member Lynnsy discovered.

Lynnsy wasn’t always with AustralianSuper. But a rude awakening when applying for a bank loan to renovate her home showed Lynnsy the importance of choosing a fund with proven long-term performance and low fees. After some research she learnt how these things could all have a substantial impact on her retirement income.

Watch Lynnsy’s story and see how she got her super back on track with AustralianSuper.

Choosing a better super fund - Lynnsy’s story

Lynnsy moved to AustralianSuper because of fund’s performance, fees, and the option of an award-winning account based pension 1. Watch her story now.

Choosing a better super fund - Lynnsy’s story

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Retirement seems so far away but it’s actually not. And if you want to plan for your future – which is critical - do it now.

What to look out for when comparing super funds

If you’re comparing super funds, there are you few things to keep an eye out for to make sure you’re comparing apples with apples.

Competitive fees

Your fund will charge you fees to manage and invest your money. The amount of fees you’re charged depends on a couple of factors, such as your investment option and the type of fund you’re with, such as an industry or a retail fund. Industry super funds, such as AustralianSuper, are run for members’ benefit, so fees are kept low. Retail funds often charge much higher fees as they have a responsibility to their shareholders and a focus on profit.

DISCOVER: THE DIFFERENCE BETWEEN RETAIL AND INDUSTRY SUPER FUNDS

The amount of fees you pay over the course of your working life can add up. This can have a significant impact on your overall super balance come retirement.

Long-term investment performance

When you’re looking at different super funds, it can be important to compare long-term performance. After all, super is a long-term investment. So be sure to check not just how the fund is performing now, but whether it has a good track record. For example, AustralianSuper is the number 1 performing super fund over the last 5, 10, and 15 years2.

 

COMPARE AUSTRALIANSUPER WITH OTHER FUNDS

 

Net benefit – a measure of how your fund’s performing

Net benefit is what you get when you calculate investment performance, minus the fees and taxes charged by your fund. It’s essentially a truer reflection on how your super is performing, meaning, the higher the net benefit, the more your balance grows.

READ ABOUT: NET BENEFIT AND WHY IT’S IMPORTANT TO YOUR SUPER

The difference between my super, from then to now is streets apart.
A fund to support you in retirement

Choose a fund with retirement options which continue to support you when you stop working, or choose to transition to retirement.  

AustralianSuper’s account based pension, Choice Income, is an award-winning account with strong long-term performance. It keeps your super invested for potential growth. An account based pension could help your super grow in retirement, while still giving you access to your savings.

EXPLORE CHOICE INCOME TODAY

READ MORE: HOW INVESTING IN RETIREMENT CAN HELP GROW YOUR RETIREMENT INCOME

 

Speak to a financial adviser

Before changing super funds, it can help to speak to a professional financial adviser. They can help give you advice on how any potential switch might impact things such as insurance you might have. 

EXPLORE YOUR ADVICE OPTIONS

Sources:

  1. Awarded the 2019 Canstar Outstanding value for account based pension
  2. Based on the AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey — SR50 Balanced (60–76) Index, periods to 30 September 2020. Returns from equivalent investment options of the ARF and STA super funds are used in calculating returns for periods that begin before 1 July 2006. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.

*Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns


The views expressed in this article are those of the member and not AustralianSuper. The member made their comments based on their particular circumstances. You should think about your own financial objectives, situation or needs and consider obtaining financial advice before making any financial or investment decision. Before deciding on AustralianSuper read the Product Disclosure Statement available at australiansuper.com/pds. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
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