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Cash

Currently invests in term deposits and other short-term interest-bearing investments. The option may also invest in interest-bearing accounts with authorised deposit-taking institutions (ADIs) such as banks. This option is not covered by the Government Guarantee (Financial Claims Scheme).
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May be suitable if you:
  • want a very low risk, short-term investment with stable but low expected returns
  • understand that the return you receive for this option may not keep pace with inflation
  • want the ability to switch or withdraw (subject to meeting a condition of release) the funds invested. With the Cash option, members aren’t locked into a specific term.
Available for these accounts:
  • Future Saver
  • Retirement Transition
  • Retirement Income
  • Defined Benefit - Telstra Plan Voluntary Accumulation Account (DB VAA)
  • Term Allocated Pension (TAP)
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Summary

Investment objective
To meet or exceed the return of the Bloomberg AusBond Bank Bill Index over rolling 12-month periods, before fees, costs and tax.
Timeframe

Up to 2 years

Minimum suggested investment timeframe

Fees

0.03%

Investment fees and costs and transaction costs

Fees listed above include ‘Investment fees and costs’ and ‘Transaction costs’ and exclude ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2026. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Learn more about our fees and costs

Investment objective
To meet or exceed the return of the Bloomberg AusBond Bank Bill Index over rolling 12-month periods, before fees, costs and tax.
Timeframe

Up to 2 years

Minimum suggested investment timeframe

Fees

0.03%

Investment fees and costs and transaction costs

Fees listed above include ‘Investment fees and costs’ and ‘Transaction costs’ and exclude ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2026. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Learn more about our fees and costs

Investment objective
To meet or exceed the return of the Bloomberg AusBond Bank Bill Index over rolling 12-month periods, before fees, costs and tax.
Timeframe

Up to 2 years

Minimum suggested investment timeframe

Fees

0.03%

Investment fees and costs and transaction costs

Fees listed above include ‘Investment fees and costs’ and ‘Transaction costs’ and exclude ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2026. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Learn more about our fees and costs

Understanding account types

For both of these accounts, you and your employer can make before and after-tax contributions to grow your super, and you can continue to manage your account as your needs change.

  • A Retirement Transition account is for when you still receive a regular income, but you’re ready to reduce your working hours. Use your super savings to pay some of your salary.
  • A Retirement Income account is for when you’ve retired from work. Invest your super in a tax-effective way, while you enjoy regular payments.[M5]
  • A Term Allocated Pension (TAP) invests in the same way as Aware Super Retirement income. The TAP is closed to new members. See the PDS for more information.

Level of risk

Estimated number of negative annual returns over any 20-year period:

Less than 0.5 times
Short-term risk

1 - Very Low

Short-term risk measures the effect of market ups and downs on your balance, based on the likelihood of a negative annual return in a given year. 

Long-term risk

7 - Very High

Long-term risk is the risk that your investment doesn’t generate enough of a return above inflation over the long term to maintain living standards in retirement. 

Estimated number of negative annual returns over any 20-year period:

Less than 0.5 times
Short-term risk

1 - Very Low

Short-term risk measures the effect of market ups and downs on your balance, based on the likelihood of a negative annual return in a given year. 

Long-term risk

7 - Very High

Long-term risk is the risk that your investment doesn’t generate enough of a return above inflation over the long term to maintain living standards in retirement. 

Estimated number of negative annual returns over any 20-year period:

Less than 0.5 times
Short-term risk

1 - Very Low

Short-term risk measures the effect of market ups and downs on your balance, based on the likelihood of a negative annual return in a given year. 

Long-term risk

7 - Very High

Long-term risk is the risk that your investment doesn’t generate enough of a return above inflation over the long term to maintain living standards in retirement. 

What it invests in

Below is the option’s target asset allocation.

Asset classTarget

Cash

100%

Asset classTarget

Cash

100%

Asset classTarget

Cash

100%

Diversification helps manage risk

Spreading your super across different types of assets is called diversification. This can help reduce the risk of negative returns. 

Keep in mind that if you choose one or more of the single asset class options, and don’t adequately diversify your investments, you could be exposing your super to greater risk.

What's next

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Is this option right for you?
Get all your super questions answered by someone who gets it.[AD2] 4,873 members had check-ins last year to talk through their super options.[AD4]
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Last updated: September 2026

[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.

[AD4] Aware Super data, member super check-ins from December 2024 - November 2025.