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Our Conservative Balanced Socially Conscious option is managed with specific restrictions and exclusions known as screens1. It seeks to avoid investments in industries and companies recognised for having a highly adverse environmental or social impact.

It has a target split of 57% growth assets and 43% defensive assets and is designed to balance:

  • the need for strong long-term returns, with
  • helping guard against large market falls.

This option is only available to members with a Retirement Income account.


Why you’d invest

This might be a suitable option if you:

  • want to avoid investments that have a highly adverse environmental or social impact,
  • are seeking a balance between capital stability and capital growth,
  • can accept some short-term fluctuations. This includes some years when returns are negative, and
  • are prepared to stay invested in the option for 5 years or longer.

This option has been certified by the Responsible Investment Association Australasia under the Responsible Investment Certification Program*

1 Our screens are grouped into 3 categories:
  • Climate change screens,
  • Ethical screens, and
  • Conventions and controversies-based screens.

Some screens are subject to materiality thresholds. Refer to the "Socially Conscious diversified investment options" section of the relevant PDS or Handbook for more information, or see here.

Account type

Investment Objective

CPI + 3.25% p.a.

(after fees, costs and tax) over rolling 10-year periods.


5 years

Suited to investors who are prepared to invest in this option for 5 or more years.

Risk Level

5 - Medium to High

The estimated number of negative annual returns over any 20-year period is 3-4 times.

This is based on the Standard Risk Measure.

Cost of product for $50,000 account balance2,3


Calculation of the fees and costs that can affect your super investment over a 1-year period.

Learn more about our fees and costs

2 The cost of product assumes a balance of $50,000. It includes administration fees. It also includes an estimate of ‘Investment fees and costs’ and ‘Transaction costs’. ‘Investment fees and costs’ and ‘Transaction costs’ are based on the fees and costs for the year ended 30 June 2023, other than performance fees which are a 5-year average. Fees and costs can vary from year to year. 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. If you have insurance, premiums will apply. Refer to the relevant PDS or Handbook for more information.

3 While the Conservative Balanced Socially Conscious option is new, it is based on a historical VicSuper investment option. The amounts shown reflect the historical fees and costs of that investment option. VicSuper was a division of Aware Super. On 11 May 2023 VicSuper members were moved into the Aware Super division of the fund and this investment option was retained and renamed an Aware option.

Growth asset and defensive asset split

This is the target percentage that will be invested in growth assets and defensive assets.

Scroll table horizontally on mobile

  Target Range
Growth assets 57% 37% - 77%
Defensive assets 43% 23% - 63%

Strategic Asset Allocation

These are the target and asset allocation ranges for the option, effective 30 September 2023.

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  Target  Range 
Australian shares 16.5% 6% - 27%
International shares 22% 12% - 32%
Private equity 5% 0% - 25%
Infrastructure 10% 0% - 30%
Property 8% 0% - 28%
Liquid alternatives (Growth) 0% 0% - 10%
Liquid alternatives (Defensive) 0% 0% - 20%
Credit income 7% 0% - 27%
Fixed income 17% 0% - 35%
Cash 14.5% 0% - 60%
Currency exposure 14.5% 0% - 32%

*This investment option has been certified by the Responsible Investment Association Australasia under the Responsible Investment Certification Program. The Certification Symbol signifies that a product or service offers an investment style that takes into account certain environmental, social, governance or ethical considerations. The Symbol also signifies that the Aware Super Conservative Balanced Socially Conscious option adheres to the strict operational and disclosure practices required under the Responsible Investment Certification Program for the category of Superfund Option. The Certification Symbol is a Registered Trade Mark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA, the Symbol and Aware Super’s methodology and performance can be found at, together with details about other responsible investment products certified by RIAA. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.

You can choose to invest in one option or a combination of options. And you can switch your investment options at any time for free.

View our forms and resources page to download important documents

Frequently asked questions

We’re here to help you achieve your financial goals. We can provide simple financial advice, over the phone, to answer any questions.

You can speak to a qualified financial planner who can help you make investment choices that meet your financial goals.

Book an appointment