Hi,
I have an AustralianSuper and SunSuper account, but I only want one account.
Where is the best place to have the super? AustralianSuper or Sunsuper?
Tks!
AustralianSuper vs SunSuper
oxonomo on 01/12/2021 - 19:26
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Check the fees for the investments you have. That's a good place to start
Check your insurance. If you have a policy with both of them then keep both accounts.
Both of those funds are massive and the trustees have a lot over power over the outcome of your claims if you ever make one.
The ATO has a comparison tool
but they can only hold 2 from where you can switchHow much balance you have, how much more you will put in and how long until you retire?
As they say past performance is not an indication of future performance. Just the same for my super balance, Australian Super has significantly outperformed Sunsuper with about a third less fees.
Why don't you go Mygov> ato > super > information> your super comparison.
I am really happy with Australian super. The only negative is they have been in court recently trying to get members to share the costs of fines given out to directors who have been fined. I don't know if Sunsupers directors have been involved in the same disgraceful action.
It's not but it's hugely indicative of the sort of asset mix advantage Aus Super has over something like Sun Super.
What investment option did you choose and what's the balance(approx) ?
I'm comparing to see where Australian Super charge 1/3rd fee of Sunsuper as I was also looking at them?Thanks :)
I thought it was bad enough when they used members' money to run a loss-making news website that seems dedicated to publishing union propaganda…
The sky is falling down!
The LNP has been attempting to destroy the union movement over the last twenty years as the only real power they have now is in running super funds.
Oh, and the LNP hates the fact that Industry Funds consistently perform better than Retail Funds.
I think you'll find people are making their own decisions on unions and voting with their feet - with union membership declining from around 40% to about 14% since 1992
@Almost Banned: Building and Construction Industry Commission - ring any bells?
John Howard outlawing strikes?
Watering down of freedom of association laws.
The LNP has been on a quest to demonise and destroy unions. Its not surprising the public has eaten up all the lies about unions and thinks they are bad. What they dont realise is that most of their workplaces benefits they are entitled to are due to unions. If they werent around we would be like a American where workers are treated like scum.
@afah0447: Kathy Jackson, John Setka, Royal Commission into Union Corruption, ring any bells?
The Australian Union movement didn't need any help from the Government to turn people off.
Were both portfolios invested in the same assets?
Aus Super has a great reputation. I’ve been thinking about moving to them too but my super has been fine (albeit I manually adjusted my investments and insurance costs).
I'm with Aus super and they seem to be doing alright.
Go with the one with the highest return.
Good advice
Call them up, be ready to wait on the phones for a while, and with your member number, address and DOB on hand, ask for the following;
- Admin/Membership fees;
- ICR's (the costs of your investments);
- Buy/Sells of your current investment and the equivalent in the other fund (how much it'd cost to buy into/sell out of a product), if you're unsure of which investments you hold, ask about the cost and composition of their MySuper Option;
- Cost of cover presently held if any. If you have income protection, ask about whether it's an indemnity or agreed value policy (astronomically unlikely that it's agreed but who knows), ask about waiting and benefit periods, and the cost of the policy;
- Any other fees/levies/ rebates payable or receivable on the account or policy
With this info, put together an excel of what it's costing you to run your super. Once you have that, start looking into investment returns and netting them off to see what's likely to put you in the better position.
Hope this helps.
Call them up, be ready to wait on the phones for a while
Instead of being "on hold" forever - All the fee information is readily available in the PDS and the most recent Annual Statement (that everyone would've received a few months ago) would have the insurance cover amounts. The Insurance Guide will have the insurance policy information. Anyone with online access will be able to download everything easily.
The PDS I just read was 275 pages. You're not wrong, but it's an oversimplification to just tell someone to look up a PDS.
…but it's an oversimplification to just tell someone to look up a PDS.
You read that many pages of a PDS and didn't notice the 'Contents' section in the first few pages?
'Fees and charges' has it's own section in the PDS and the 'Contents' will tell you exactly what page it's on.Problem is fees disclosed on the phone isn't all the fees paid. You need to read the pds to show all the fees charged. This includes implicit fees, explicit fees, property borrowing costs.
Some funds state on the annual statement "total fees = xxx" then say in small print fees don't include xyz.
Pretty crap transparency.
Sunsuper comes with free good guys commercial