A Great Fund for your Super

What makes a superannuation fund great depends on your needs. The winning combination is usually low fees, good investment returns and security.

Fees and investment returns are important, but so are things like insurance cover, good customer service and up-front information from your fund.

To find a great fund you need to do some research and compare the facts. So what should to look for when choosing a superannuation fund?

You can make a start by looking at the features of the superannuation funds you are considering. Most super funds have a website that outlines key features.

Look at the security and strength of the fund including how long has the fund been established and how large is the fund? Will you benefit from economies of scale or are you happy to pay for the personalised experience and the additional services the fund may offer.

Also look at the short-term and long-term investment returns. Check the returns for the last one, five and ten years and assess the rate of growth over the medium to long term.

The fund’s fees should be considered. Some fee structures can be very complicated, so make sure you are clear on these details. Does the fund charge a joining fee, fees on contributions, administration fees, asset fees or commissions – will you get value for money?

While doing your research, find out about the choices and benefits the fund offer members. These options can help you make the right choices for a financially secure future.

Insurance benefits offer protection from unplanned illness and injury. Check if the fund offers insurance cover for death, disability and income protection, and additional cover if your needs change in the future.

Investment choices provide the ability to invest your money in a way that suits your timeframes and investment style. Investment choices typically cover the basic asset classes like international and Australian shares, property, fixed interest and cash.

Flexible options to contribute and transfer money into the fund may boost retirement savings in a tax-effective environment. As you may be considering moving to Australia, ask the fund if they are able to accept transfers from other superannuation funds including international transfers.

Should you be considering retirement, perhaps a fund that provides an option to convert your superannuation account into regular income payments (through a retirement income stream) might be suitable for you.

Then there are the member services and extras provided by the fund. You may have access to regular newsletters, magazines and email updates, free seminars, investment market updates and investment performance, access to financial calculators (usually via their websites), and online access to your account.

Perhaps you will have access to education programs and other information to help you learn about your super. Funds that provide practical, easy to use, accessible information and services through their website or customer service centre can help simplify the choices surrounding superannuation.

Before making your final decision make sure you understand the fund you have selected and are satisfied that the fund will meets your needs.

Winner of Money magazine’s Best of the Best Lowest-Cost Super Funds two years in a row, First State Super can help you with your superannuation choices, visit their website or call them.

Information supplied by:

First State Super

Phone: 1300 650 873

Email: enquiries@firststatesuper.com.au

Website: www.firststatesuper.com.au