Fund selection tips

Here are some tips to help you select a super fund – or confirm an existing choice.

Look carefully at the fund you’re in

Make sure you understand the features and benefits it offers.

Understand the insurance cover you're offered

Employers often negotiate a more competitive insurance arrangement. This means members generally pay lower premiums and automatically get accepted for cover up to a certain limit without having to undergo a medical examination.

If it's a great deal, think twice before giving it up!

Consider the range of investments your fund offers you.

The way you invest across the various asset classes of cash, fixed interest, property and shares can be a major factor in how your investments perform (both in terms of return and volatility).

For most of us super is a long-term investment so it’s important to stick to a plan.

Examine all the fees relevant to your fund

Not just those relating to administration.

Check if quoted investment returns are gross or net of tax and administration and investment fees. Be aware of any entry or exit fees that may apply.

Check the services your fund offers you

It's not all about fees and investments.

For example, does the fund provide:

• A continuing education program that's freely available; or
• Online access to a personal account so you can keep track of and modify your investments at any time?

Not all super funds offer these services.

Consolidate

Think about consolidating your super accounts into one account as you review your fund. This could prevent you from paying more than one set of fees and charges.

Remember to check what fees will apply if you transfer your account out of the fund.

Check if you have lost super.

Over 2.7 million Australians haven’t claimed the balances of all their super accounts.

Get professional advice

If you’re unsure about what to do and would like to review your current strategy, the right advice could:

• save you time;
• give you a greater sense of control; and
• boost your financial growth over the long term.

Make sure your financial adviser is licensed and has the appropriate qualifications.

Ask if there are any fees or commissions involved in getting advice and keep asking until you’re satisfied.

For tips and information about seeking professional advice, log on to the Australian Securities and Investment Commission website at www.asic.gov.au.

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