As we know, we all work for two reasons: our wants and our needs. While this is perfectly fine, how many of us actually gave a thought about our future? Our plans for retirement?
This question has long existed and the answer to this has always been there, too. We save for the future especially for the rainy days. Every day we hear financial advice on the importance of saving, but is saving really enough? If so, do we really understand saving as a financial concept?
Understanding Super Funds might help. Here’s what Super Funds are in Australia.
What are Super Funds in Australia?
In every earning that you get, a portion of that earning will be taken and placed in a fund for retirement purposes. This portion is called superannuation but is also often called industry super funds.
The Basics
The Australian law requires your employers to put contributions to your super funds at a certain percentage of your gross salary. Its goal is to supplement the Australian Age Pension after retirement and you should be well-informed about this for you to be able to come up with a strategic decision on which super fund in Australia will ideally serve you at its best.
There are several types of industry super funds:
- Industry Super Funds
- Retail Super Funds
- Corporate or public sector funds
- SMSF’s
Side note: This blog should introduce you to a more structured and benefit-wise super fund in Australia. That is, the Industry Super Funds!
Fact Check on Industry Super Funds:
- In the 1980s, in order for the Australian workers to be protected from high expenses and commissioned products introduced by the retail superannuation market, industry super funds were established.
- Their original objective was to provide retirement savings for employees in construction, hospitality or retail. Today, most of them are open to everyone.
- No incentives or commissions will be paid by the client to their own staff and financial planners or advisers.
- They are run only to profit members.
- Both the employer and employee representatives are included in the trustee boards, which govern the organization.
- While keeping management fees as low as possible, they give above average investment returns to members.
- They are committed to quality long-term infrastructure and building investments as it would give healthy investment returns and broader economic growth, which is beneficial to the members.
- They are ‘not-to-profit’ or mutual funds.
3 Best Industry Super Funds in Australia
With the facts posted above, you should consider this additional information about the 3 best industry super funds in Australia.
AustralianSuper
Address: Super: GPO Box 1901 Melbourne VIC 3001
Phone: 1300 300 273 (for Australian callers) and +61 3 9067 2108 (for overseas callers)
AustralianSuper is Australia’s largest superannuation fund that offers different types of super fund such as AustralianSuper Plan which is intended for full-time, part-time or casual employees. Moreover, Personal Plan is also introduced for self-employed individuals or those who are not currently in paid employment. Aside from superannuation, it also offers investments, retirements, and insurance services.
REST Industry Super
Address: PO BOX 350 Parramatta NSW 2124
Phone: 1300 300 778 (for Australian callers) and +61 2 8571 5593 (for overseas callers)
Rest Industry Super was established in 1988, and provides superannuation, investment products, and retirement accounts. It also received recognition from financial publications and independent research houses such as SuperRatings Awards and Ratings, Money magazine – Best of the Best Awards, Chant West Apples Fund Rating, Roy Morgan Research Customer Satisfaction Awards, The Heron Partnership 5 Quality Star Rating, Reader’s Digest Trusted Brand Awards, and many more! Lastly, it considers environmental, social, and governance (ESG) factors as a part of its investment approach.
Sunsuper
Address: Sunsuper, GPO Box 2924, Brisbane QLD 4001
Phone: 13 11 84 (for Australian callers) and +617 3121 0700 (for overseas callers)
Sunsuper has been recognized by both Chant West’s and SuperRatings’ 2020 Fund of the Year. It offers retirement-related products such as Corporate super for employer-to-employee use, Personal super for those working independently, and Account-based pension, which converts super to regular income payments for retirees.
These super industry funds mentioned above are just some of the best super funds avaialble in Australia. By far, these are the industry super funds that stood out from the rest. With these information, secure your upcoming golden years. Value your savings, value your years 😊
Fund Break
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