Knowing the difference between an industry fund and a retail one can help you understand if your new fund is right for you. Simply put:

• An industry fund (like us) is ‘profit-for-members’. This means any profits we make go back to our members, which could mean more in your retirement savings. 
• Retail funds, however, generally pass any profits onto their shareholders. 

So, you need to think about if the type of fund matters to you when you’re choosing a new one to switch to.

All super funds charge fees for things like managing your money and investments. But not all fees are priced equally. 

Take the time to compare fees and costs. Where you can, look for lower fees to make sure there’s minimal impact on your super balance in the future. 

And if you see higher fees, it might not be a bad thing. If the fees are a little higher but the returns are strong, it means your super might perform well.

Curious about our costs? Then learn how our fees stack up.

A fund with strong, consistent, investment performance can make a huge difference to your super balance when you’re ready to retire. Your super is a long-term investment, so check the fund’s past performance (over five or 10 years) to help you work out if the fund has performed well over the long-term. This info could set you and your retirement up for success.

All funds invest their member’s money in different ways. That’s why it’s important to check how your money will be invested and the amount of risk that comes with each investment option.

Before you start comparing, here’s a quick rundown of some of the different investment types:

• Core investment options are usually managed, and they invest in different types of assets.

• Indexed investment options are usually passively managed, but they do invest in different types of assets.
• Single asset options are when you decide to invest your super in a single asset, like shares or property

By understanding these basics, you can compare investments that are like-for-like and paint a picture of what you’re signing up for. But don’t forget, performance (and fees) can change each year. So what you’re looking at now might be different this time next year.

We offer 15 different investment options to choose from. So it doesn’t matter if you’re after an indexed or core option, we’ve got you covered from the moment you join to when you retire.

And if that sounds like a lot to choose from, we also have a low-effort investment for your super – MySuper Lifecycle. This option automatically adjusts the way your super is invested as you get closer to retirement. The best part is that you don’t need to do anything – we handle all the work for you.

When life doesn’t go according to plan, having insurance can come in handy. Most super funds (including us) offer three types of insurance:

1. Death cover, which can support you if you’re diagnosed with a terminal illness. This cover also pays a lump sum to your beneficiaries if you pass away.

2. Total and permanent disability (TPD) cover, which can financially help you if you develop a disability because of an injury or illness and are unlikely to work again.
3. Income protection cover, which can support you if you’re out of work because of an illness or injury by paying a monthly benefit.

To work out what insurance you might need, think about your health and lifestyle, and how insurance might help if the unexpected happened to you. On top of that, consider any extra features that come with your insurance policy.

And if you switch funds and have insurance, your account with your old fund will be closed and you’ll no longer be insured by them.

Fun fact: when you take out insurance with us, you (and your family) can access our Teladoc health services at no extra cost. How good is that?

Some funds might offer extra services and features in addition to their super and retirement accounts. Check if there are any bonuses to becoming a member, like having access to financial advice.

If you become an Aware Super member, you can tap into a whole range of super helpful services (no extra payments required), including:

• Teladoc services for your mental health, nutrition, and menopause.^
• Super or retirement check-in with an expert.^[AD1]
• Webinars and events that cover the latest topics in retirement and super.
• An easy-to-use app that lets you manage your super on the go.

Consolidating is when you combine multiple super accounts into one. This is different from switching funds, as you’re combining your super into your preferred fund instead of changing to a new one entirely. You can, of course, change super funds and then consolidate multiple accounts into one.

When you switch funds and close your account with the current fund, you will no longer have insurance through your super fund. If you’d like to keep your insurance with your current fund, it’s a good idea to get financial advice to understand how you can do this. If you’re switching over to us, you can find out how you can transfer your insurance.

No, most funds don’t charge exit fees when you switch. But there might be other fees you’ll have to pay. For example, if you had any investments then you might pay a fee for the fund to sell them (which is called a buy-sell spread charge).

A notice of intent is a form you fill out if you want to claim a tax deduction for personal contributions you made.

If you switch funds, you won’t be able to claim a notice of intent for your old fund. So, it’s a good idea to think about if you want to submit a notice of intent before you make the switch.

When you switch funds and transfer your balance across, your money might not be invested in this period. The very short-term impact this has on long-term returns can generally be minimal. But if you’re worried about what this means for your super and investments, chat with a financial advisor for guidance on when to switch funds.

It’s a good idea to tell your employer you’ve changed funds. Otherwise, they might pay your super into the wrong account. Or they might open an account with their default fund, which is the super fund your employer will pay your super into if you don’t nominate your current fund.

Yes, you can switch super funds at any age. But if you’re close to retirement, then consider getting expert financial advice to make sure switching funds near retirement is the right decision for you.

Yes, you can have more than one super fund account. But it’s generally a good idea to have one account to avoid paying multiple admin fees, which could leave you with a lower super balance.