Did you know... Over a 40 year working life, Australians could be more than 24% better off in an industry super fund, based on existing fee structures*
Benefits of Industry Super
Simple to deal with, and a lifetime of difference for your employees
Industry Super Funds began over 20 years ago, and today look after the superannuation needs of more than 5 million Australians. Why have so many employers chosen an Industry Super Fund?
Here’s some of the reasons:
Great service and no fees for employers
Industry Super Funds do not charge employer fees for handling your company’s super. And because your time is precious, you can be assured of great service and a commitment to helping you meet your super obligations as simply as possible.
Strong performance^
The fund you choose for your employees can have a huge impact on their retirement. Industry Super Funds have consistently produced strong returns for their members^.
Over the five year period to 31 March 2008, SuperRatings net benefit testing showed that Industry Super Funds on average delivered $14.70 in earnings for every dollar taken out in fees, while Retail Master Trusts on average delivered only $5.70^. Over a lifetime, these figures could add up to thousands more for an Industry Super Fund member.
Low fees for members*
The fees your employees pay can greatly affect their 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 more than 24% better off in an industry super fund, based on existing fee structures*. This is equivalent to having $124,343 more (in today’s dollars) in their superannuation account at retirement. Over a typical working lifetime, this difference greatly affects the lifestyle your employees can lead in their retirement.
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
As you can see, placing your company’s superannuation with an Industry Super Fund may provide great benefits for you, and could make a lifetime of difference for your employees.
^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 31 March 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 initial income of $50,000. 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.