Superannuation and retirement

When it comes to superannuation, there's no one size fits all approach. There's different types of funds and different products available within these funds. MySuper is a product you can have within a superfund. Usually it offers lower fees, simple features and the option of a lifecycle investment for those who don't want to make an investment choice. Choosing a superfund is a personal decision with many factors to consider. All funds have their own fees, investment options, performance returns, insurance and services. Fees. All superfunds charge fees. Depending on the type of fee, they can be deducted regularly or after a specific action, such as switching investment options. Fees charge may be a dollar amount or a percentage or both. Investment options. Most superfunds offer a range of investment options to choose from. These can include preset options like cash and multi-sector managed funds. Some will even provide more specific choices like direct shares to allow you to tally your portfolio further.

Performance. All funds publish performance returns on their investment options for the short, medium and long term. As many factors can impact returns, including fees and costs along with market volatility, it's always best to review returns over the last five years. Insurance. Superfunds typically provide three types of insurance for members. These insurances include life cover, which may also be known as death cover, total and permanent disability or TPD and income protection. When deciding on a superannuation fund, you might be looking at different providers or options. If you do, it's important to consider the impact of fees and costs. Make sure you compare like with like, for example, comparing a balanced fund option with another balanced fund option over the same period of time where possible. Once you've chosen a fund and set up your account, it's important to notify your employer so they can pay your super contributions to the right place. Most funds will have a form you can use for this or you can use the Superannuation Standard Choice form provided by the Australian Tax Office. Your employer will have a copy of this form if you need one.

Superannuation and the way it operates can be quite complex, which is why we built an education hub to help you make informed decisions. You'll find lots of dedicated articles including consolidating your super, grow your super and many more. There's also a number of tools and resources available to you more broadly. The ATO, your super comparison tool displays a table of MySuper products. These are ranked by fees and net returns and the list is updated quarterly. You can then select and compare up to four MySuper products in more detail at any one time. If you access the tool via your myGov login, you can also compare your current superfund besides other MySuper products. If you would like more information on how to choose a superfund, our wealth concierge team can give you complimentary general advice or refer you to a financial planner for personal advice. To get in touch, make an online inquiry through our website or drop in and see us at your local Bendigo Bank branch or if you already have a financial planner, you can simply contact them and ask for some personal advice.