The COVID wild card: Researchers battle to solve the riddle of asymptomatic cases, Boris Johnson orders UK back into lockdown, issuing a warning on virus deaths, James Bond actor Sir Sean Connery dies in his sleep aged 90, ‘A rip-off rort’: More calls to clean up fruit picking as locals struggle to land farm jobs, Scientists have a crush on the ‘diabolical ironclad beetle’, so tough even a car can’t squish it, November streaming: War, festive films, plus more than a hint of Dolly Parton, Malcolm Turnbull joins Kevin Rudd’s petition for News Corp royal commission, Clive Palmer’s astonishing Facebook spend on ‘bullsh-t’ fake news ads, Kirstie Clements: Orange Man bad – and that goes double for Trump’s makeup. Superannuation funds should embrace future Arian Neiron Competition between funds should be encouraged, long-term mediocre performance should not be accepted and funds should … The same is true of insurance costs taken out of your account. The money that is held for you within a superannuation fund is invested in a range of assets. That moves your money into appropriate allocations as you age,” Mr Sandercock said. The objective of superannuation is to provide income in retirement that substitutes or supplements the Australian Age Pension. The Productivity Commission warned in 2019 that underperformance is costing Australians $3.8 billion a year and high fees can cost a worker on $50,000 some $100,000 in retirement. Use the super performance awards to check how your fund is doing. The top MySuper ranking was given to Sunsuper, which posted an average annual return of 7.8 per cent over the past ten years. In that case they should really be called an aggressive growth fund,” Mr Simon said. The list of funds is sourced from APRA and reflects information as at 30 June 2019. You … Superannuation (or "super") is a compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement. The first is to determine if you’re in the right asset allocation “and make sure it’s true to its label,” Mr Simon said. Most major super funds offer intra-fund advice to help you determine what is the right level of risk for you, and often the service is free. “When cash is paying 1 per cent younger people lose out through holding too much in conservative assets.”.

Career-related funds can be important for members in particular industries as they offer appropriate insurance for the level of risk workers face in their jobs.

“That allocation has performed well for members,” Mr Sandercock said. Employers are not required to make employer contributions for employees earning less than $450 per month, nor for employees aged under 18. That way you’ll be sure to make the most of the economic recovery. The latest super rankings: Fine-tune your account to cash in on the coming recovery.

Employers are required to pay superannuation contributions, called "superannuation guarantee" (SG) contributions, to an approved superannuation fund for their employees at 9.5% (as at 2018) of the employees' "ordinary time earnings" (OTE)—which generally consists of wages and salaries, commissions, allowances but not overtime. The other thing to do is to check the government’s MoneySmart website and look under superannuation where you’ll find a super calculator. AustralianSuper is an award-winning industry super fund and the largest super fund in Australia. Defaults hold a quarter of all super investments, or $731 billion, according to financial regulator APRA. “Some funds might be labeled ‘balanced’ but be 90 per cent in growth assets like shares. Next, learn more about the assets you hold. With coronavirus restrictions lifting across the country, now is a good time to look at the health of your superannuation fund. Look at your last statement. Issues on asset allocation “are driven by age, plans for retirement, your investment understanding and experience, and the time you still have to work,” said Corey Wastle, adviser with Verse Wealth. Copyright © 2020 The New Daily. And how will this one finish? All rights reserved. “If you were in the balanced option [where defaults are] this year and you hadn’t looked at your balance since before the pandemic panic, you’d think it just had a flat year because funds have recovered so much,” he said. Even if your fund is not at the top of the tree, you are doing ok if it is in line with the median. The Bronze award goes to Australia’s largest superannuation fund, Australian Super, who manage more than $160 billion for over two million members. Go to site Get The New Daily free every morning and evening. Another option for those in the ‘set and forget’ mindset it to “choose a lifecycle option. The New Daily is owned by Industry Super Holdings. Even default MySuper products can be mislabeled, according to Tony Sandercock, the principal of advisory firm wetalkmoney. Please try again. Most superannuation funds let their customers choose how their superannuation … Charities slammed by triple threat as coronavirus damage takes its toll, Vegans rising: Australia second in the world for veganism as Gen Z snubs lab-grown meat, Industry super funds to invest $33 billion in job creation, Victorian real estate agents push back against calls to block rent reductions, Call for diversity as Aussie model with disability prepares for catwalk at New York Fashion Week, Workers received no pay rise after the last superannuation guarantee hike was scrapped: ISA.

Funds in pension mode deliver higher returns because they do not have to pay capital gains tax on their investments, as members are overwhelmingly over 60. The list of funds is sourced from APRA and reflects information as at 30 June 2019.

The Balanced fund invests in a mix of different assets like shares, property and cash.

“If you’re under 45, you want to be in a higher growth option,” said Mr Wastle. A superannuation fund is an institution that is legally allowed to hold and invest … With coronavirus restrictions lifting across the country, now is a good time to look at the health of your superannuation fund. But insurance is about more than costs so check the cover you are getting from your fund and make sure it suits your needs. It covers all fund types over a range of time periods. “The average default fund which holds 60 to 80 per cent in growth assets should be called a growth option when they’re generally referred to as balanced funds,” Mr Sandercock said.

But judging the worth of your fund can be difficult, so a useful benchmark is provided by research group SuperRatings’ annual awards for different fund types. There was an error submitting the form. A way to ensure you are not overpaying fees is to check the websites of major funds for a comparison. Your super is invested in a range of assets to help grow your balance so you can have the best possible retirement outcome. Queensland voters swing behind Labor in historic win for Annastacia Palaszczuk, It’s all about Pennsylvania: Joe Biden’s chances in Tuesday’s election hinge on this key swing state, Trump’s quest to recruit celeb supporters produced $265m worth of absolutely nothing, Allies outgun Australia on climate action … but Scott Morrison ‘isn’t worried’, Paul Bongiorno: Mates rates ethos is selling Australia short, Michael Pascoe: One small idea to save lives, if anyone cares, The two groups of people most vulnerable to dying from COVID-19, Beaches shut as authorities search for shark that killed Nick Slater on Gold Coast, Australian Caleb Ewan pipped at finish line of Stage 10 of the Tour de France, Michael Pascoe: China’s leader takes a turn for the particularly stupid… and ours is no better, The ‘highly sophisticated’ religious movement trying to brainwash Australians, Garry Linnell: Empathy is dead and it’s time for us peasants to make way for profits, Half-baked case to downplay coronavirus built on one big misunderstanding, Airlines want us on planes so badly they’re willing to pay for our funerals. You can work out from that how much super you are likely to have at retirement and that could spur you to choose an asset allocation likely to meet your needs.
Check the fees your fund is charging as they have a big impact on your final balance and are a major driver of underperformance. The top career position, for the fund best catering to members in a particular industry, was building industry fund Cbus’s Growth option with an 8.5 per cent return. 2020 Bronze Fit Cat Fund Award – Australian Super.

Subscribe for free to get the latest breaking news and analysis sent to your inbox. Australian Super had four Fit Cat Funds … Let’s look at the funds topping the SuperRatings rankings. “Not all labels for super funds mean the same thing,” said David Simon of Integral Private Wealth. Note that all the funds in these top rankings held between 60 and 76 per cent in growth assets, putting them in the growth or balanced category. You can search for a particular super fund by name in the first filter. How do pandemics usually end? Be that as it may, about 80 per cent of people are members of a default MySuper fund because they did not actively choose another fund.

However, if an under 18 employee …
This website is provided by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898 Superannuation Fund Number (SFN): 2683 519 45, Superannuation Product Identification Number (SPIN): STA0100AU. It will detail the name of your fund, your asset allocation, the fees charged, and the fund’s performance over time. So, if you want to see how your fund is tracking, check it against the above table showing returns earned by SuperRating’s top performers and the median 10-year returns as well. If you are not in a growth or balanced option, check your returns against the below chart from Chant West. Before you start looking at other funds, though, you need to understand where your money is invested right now. There are a few things to consider when checking the health of your super and making a big move like changing funds.

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