Chant West. © Chant West Pty Limited (ABN 75 077 595 316) 1997 - 2014. You may only use this document for your own personal, non-commercial use. This document may not be copied, reproduced, scanned or embodied in any other document or distributed to another party unless you have obtained the prior written consent of Chant West to do so. The information above is based on data supplied by third parties. While such data is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such data. This information does not constitute financial product advice. Industry versus retail superannuation: A tale of two policies. Col Fullagar takes a look at two income protection policies - one is offered by an industry superannuation fund, while the other comes from a retail fund.
While the premiums may vary significantly, it is important to conduct a proper cost-benefit analysis, so that a client is better able to make an informed choice. In seeking to make an income protection insurance recommendation to her client, an adviser was recently confronted with the following options. Should she: Recommend the client retain cover within an industry fund for which the premium was $400, or Recommend the client move to a retail product for which the premium was $1,200. The problem of course centred on the cost-benefit analysis. Irrespective of the answer, the adviser needed to be able to provide a response for the client, so she arranged for an analysis to be undertaken. The analysis was undertaken at four different levels: 1. For stepped premiums, are both premiums stepped in the same way? 2.
(ii) Ancillary benefits 3. Industry Versus Retail Superannuation Funds | Canstar. Debate continues over the differences between industry and retail superannuation funds. Which is the best? That’s a matter of personal opinion, but we can tell you how they differ. Industry funds and retail funds differ in their history and structure. They can be likened in some ways to credit unions and banks.
Here’s a brief rundown: Retail funds were developed by financial institutions and insurance companies to cater for people who were interested in investing and saving for their retirement. It’s fair to say the initial focus of these funds were wealthier white collar customer typically in management positions. In response trade unions argued that a comfortable retirement should be available to all workers not just management.
Industry funds are not for profit organizations. The great debate in the media at the moment is around commissions. And finally both retail and industry funds can provide you with insurance. Back to Superannuation… Pare Superannuation Funds | Canstar. Compare us. Whether your retirement is a long way off or just around the corner, it's important to be in a good super fund. A fund with low fees and strong long-term investment performance can make a difference to your final retirement balance. This online comparison tool provides a free report which includes: A product overview The total fees and costs An investment snapshot Overview of member services An independent rating from Chant West Financial Services. ^ Super AppleCheck is provided by research consultant Chant West Financial Services.
While AustralianSuper has paid Chant West a fee for making the service available to you, AustralianSuper has no influence over the research results and ratings and does not accept responsibility for any loss or damage caused by the service. Chant West may provide AustralianSuper with a copy of the personal information that you provide to access AppleCheck. How to compare superannuation funds - SuperGuide.com.au. Compare Superannuation | Superannuation Comparison & Find My Superannuation. Want to Compare Industry Super Funds? | Sunsuper. Compare fees Our fees are among the lowest you'll find - we don't charge an entry fee or pay commissions, so you end up with more. Get a free report. Compare performance and returns We understand that for many of our members, performance is the ultimate comparison.
We have consistently outperformed industry average returns over the longer term. Did you know? Top industry ratings and awardsAt Sunsuper, our members are the centre of everything we do. Try it out Compare feesOur fees are among the lowest you'll find - we don't charge an entry fee or pay commissions, so you end up with more.
Make it happen Join SunsuperAll it takes is 5 – 10 minutes. Selecting Sunsuper formDownload Selecting Sunsuper form [PDF 104KB] Super comparison websites. Online super ratings Super comparison websites can be useful to help you compare super funds, but don't take their ratings as gospel. Here are some tips on what you should be aware of when using these websites. What super comparison websites offer Super comparison websites rate different super funds, but you shouldn't choose your super fund on the website rating alone. Choose a fund that's right for you using the tips on our choosing a super fund webpage. Here are some examples of super comparison websites: MoneySmart has not independently verified or approved the data or ratings published by these websites.
All these websites have some information for free, but some also offer more detailed information for a fee. How they rate funds Each super comparison website has different views on the best way to rate super funds. What a top rating really means On some super comparison websites, the majority of super funds get a top rating. How they measure investment performance Related links. Choosing a super fund. Picking your perfect match Choosing a super fund is a bit like dating. Pick the right fund and you'll be set for a long, happy and comfortable life when you retire. Set your sights on the wrong one and you're in for a world of pain.
There are a few things you need to know when choosing a super fund. Do your research and ask around before you commit yourself. Check if you can choose your fund Smart tip Defined benefit funds are usually very advantageous so think very carefully and seek advice before you move out of one. Most people can choose the fund for their employer's super contributions. To find out if you can choose a fund, check with your employer or see the Australian Taxation Office's (ATO's) information on choosing a super fund. If you do have a choice, your employer will give you a 'standard choice form' when you start work. Provide your tax file number when you join a super fund. Things to compare There are a few key things to consider when comparing super funds. Related links.