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Conservative Balanced Indexed

Our Conservative Balanced Indexed option targets 59% in growth assets and 41% in defensive assets. Asset classes are passively managed (apart from cash), making it a low-cost option.
Donut chart showing a portfolio allocation targeting 59% growth assets and 41% defensive assets, with the defensive segment in light pink and the growth segment in dark purple.
May be suitable if you:
  • seek a balance between capital growth and capital stability 
  • can accept that returns may be negative in some years 
  • are prepared to stay invested in the option for 5 years or longer.
Available for these accounts:
  • Retirement Income
  • Term Allocated Pension (TAP)
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Summary

Investment objective

CPI + 2.75% p.a.

Over rolling 10-year periods after investment fees and costs and tax

Timeframe

5 years

Minimum suggested investment timeframe

Fees

0.05%

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
  • 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:

4 to less than 6 times
Short-term risk

6 - High

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

3 - Low to Medium

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

Our Conservative Balanced Indexed option is diversified across a range of listed asset classes.

Below are the option’s asset allocation targets and ranges.

Asset classTargetRange
Australian shares*26.5%16-37%
International shares*32.5%22-43%
Listed property0%0-10%
Fixed income25%0-43%
Cash16%0-60%
Understanding passive management

Passive managers, also known as index managers, choose investments to form a portfolio that closely tracks a market benchmark (or index). Passive managers usually charge lower fees because they don’t need extensive resources to select investments.

Note: Returns at market extremes will typically be greater (positive and negative) for the Indexed options compared to the equivalent Core and Socially Conscious options. This is because the Indexed options are less diversified (by asset class, investment style, and manager).

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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.