Super for beginners, part 13: Why pick one industry super fund over another? - SuperGuide.com.au. Q: I know that industry super funds generally have a good performance – particularly because of low , but I wondered, what is the benefit of picking one for your particular industry?
I understand how people in some industries may have similar needs but is that really true these days in terms of the distinct benefits that an industry fund offers? For instance if I work in media, why would Media Super be better for me than say Legal Super. And are there restrictions on which ones you can join? Can I pick an industry fund that I don’t work in if it has a better performance? Before I answer your question, I just want to flag that low fees are just one element in the long-term performance of a super account, although industry super funds have performed well over the long-term on average, relative to retail super funds. Note that each industry super fund does invest differently.
Check insurance cover Can I join any industry fund? You can visit Fair Work online for more information. Super: retail outshines industry funds. BT Financial Group head of Superannuation Melanie Evans says the integration of superannuation with banking is helping retail superannuation funds claw back market share.
Photo: Michel O’Sullivan Duncan Hughes Retail superannuation funds have overtaken their not-for-profit industry fund rivals in the past three years by offering new, cheaper products as sharemarkets recovered from the financial crisis. Commercial funds will use the results to counter the sales pitch that low fees in industry funds help generate superior returns. Analysis by industry monitors Chant West and SuperRatings reveals that master trusts, which are the funds offered by the banks and diversified wealth managers such as AMP and IOOF, outperformed industry funds over both the month and three years to February 29.
Chant West found retail master trusts produced an average return of about 10.5 per cent a year (stripped of fees and taxes) over three years, compared with 9 per cent for industry funds. What types of funds - AMP. There are many different types of super funds, each with their own benefits and structures.
It is worth understanding them as it will offer you more options and alternatives as you approach retirement. At a glance Funds on offer today tend to be accumulation funds. This includes retail funds, corporate funds, industry funds and RSAs. Self managed super funds give you more control but are complex and time consuming. The main types of super funds are: Accumulation funds This is the most common type of fund. Retail funds These are accumulation funds that are open to everyone and are usually offered by financial institutions and their financial planning networks. They usually offer: a wide range of investment options managed by specialists competitive fees and high level of service. They are usually offered through financial planners who may charge a service fee for managing your fund. Find the Best Super Fund for You » Industry Super. Colonial First State Super - 4% entry fee rebate.
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