Did you know ...
Industry Super Funds – making a lifetime of difference for your super
Industry Super Funds were started over 20 years ago, and today look after the superannuation needs of more than 4.7 million hard working Australians.
Free to choose
The government’s Choice of Fund legislation, introduced in July 2005, means many Australian employees are now free to choose the fund they would like to manage their superannuation.
Benefits of being with an Industry Super Fund
Strong performance^
Industry Super Funds have consistently produced strong returns for their members. Over the five year period to 30 June 2008, SuperRatings net benefit testing showed that Industry Super Funds on average delivered $13.20 in earnings for every dollar taken out in fees, while Retail Master Trusts on average delivered only $5.30^. Over a lifetime, these figures could add up to thousands more for an Industry Super Fund member.
Low Fees*
The fees you pay can greatly affect your final retirement payout. On average, Industry Super Funds charge less fees than the average Retail Master Trust. SuperRatings, an independent ratings and research company, concluded that over a 40 year working life, Australians could be 23% better off in an industry super fund, based on existing fee structures*. This is equivalent to having $118,476 more (in today’s dollars) in their superannuation account at retirement. Over a typical working lifetime, this difference greatly affects the lifestyle you can lead in your retirement.
For this reason, we urge you to compare the fees of the Industry Super Funds on this website to those of other funds. It’s an important comparison, and one that could make a lifetime of difference to your future.
Run only to profit members
Industry Super Funds do not pay commissions to advisors, financial planners, sales agents or insurance companies. They are designed exclusively for the benefit of members and are run only to profit members.
Added services
Most Industry Super Funds provide a number of additional services to their members, which could include:
- A wide range of superannuation investment strategy options
- Great value personal insurance options (e.g Death, Total & Permanent Disability and Salary Continuance)
- Low cost banking with Members Equity Bank
- Highly affordable financial planning from Industry Fund Financial Planning
- Low cost non super investment products
- Award winning value - of the 29 funds that received SuperRatings’ Platinum Ranking in 2008 (indicating the best value for money funds), most were Industry Super Funds.
The message is clear – check YOUR eligibility to join an Industry Super Fund and join up today. You could be making a lifetime of difference to your final retirement payout.
Finding out more
Want more detail on the benefits of Industry Super Funds?
Click here to find 17 Industry Super Funds that could make a lifetime of difference for your future.
^Note: Comparisons use an average of total fees charged and an average of actual investment returns for the default investment option of a sample of 16 Industry Super Funds and 15 Retail Master Trusts over 5 years to 30 June 2008 (source SuperRatings, commissioned by IFS). The modelling is based on various assumptions.
Differences in fees or performance may change in the future and this would alter the outcome. Past performance is not a reliable indicator of future performance.
*Assumes initial salary of $50,000 and starting balance of $50,000 for a sample of 16 Industry Super Funds and 16 Retail Master Trusts. Modelling commissioned by Industry Fund Services Pty Ltd. The modelling is based on various assumptions not all of which are shown here. Click here to view the assumptions and further information.