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Make your personal contributions by 25 June 2024 to make sure they’re counted towards the 2023/24 financial year.

See important dates for more information.

Overview

Our Defensive option is our lowest risk diversified option. It invests mostly in defensive assets like cash and fixed income (bonds), with a target split of 25% growth assets and 75% defensive assets.

 

Why you’d invest

This might be a suitable option if you:
 

  • are seeking fairly stable, but low, returns,
  • are seeking investments with a low risk of capital loss. However, there may be occasional years where returns are negative, and
  • are prepared to stay invested in the option for 3 years or longer.

Did you know?

Choosing more stable returns over the short term, may mean you miss out on higher long-term returns.

Account type

Investment Objective

CPI + 1.00% p.a.

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

Timeframe

3 years

Suited to investors who are prepared to invest in this option for 3 or more years. 
 

Risk Level

3 - Low to Medium

The estimated number of negative annual returns over any 20-year period is 1-2 times.

This is based on the Standard Risk Measure.

 

Cost of product for $50,000 account balance1

$277

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

Learn more about our fees and costs
 

1 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.

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 25% 5% - 45%
Defensive assets 75% 55% - 95%

Strategic Asset Allocation

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

Scroll table horizontally on mobile

  Target  Range 
Australian shares  5% 0% - 15%
International shares 8% 0% - 18%
Private equity 1.5% 0% - 22%
Infrastructure 8% 0% - 28%
Property 6% 0% - 26%
Liquid alternatives (Growth) 0% 0% - 10%
Liquid alternatives (Defensive) 0% 0% - 20%
Credit income 4% 0% - 24%
Fixed income 20% 0% - 45%
Cash 47.5% 0% - 85%
Currency exposure 5.5% 0% - 18%

Investment Objective

CPI + 1.00% p.a.

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

Timeframe

3 years

Suited to investors who are prepared to invest in this option for 3 or more years. 
 

Risk Level

3 - Low to Medium

The estimated number of negative annual returns over any 20-year period is 1-2 times.

This is based on the Standard Risk Measure.

 

Cost of product for $50,000 account balance2

$317

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

Learn more about our fees and costs
 

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.

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 25% 5% - 45%
Defensive assets 75% 55% - 95%

Strategic Asset Allocation

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

Scroll table horizontally on mobile

  Target  Range 
Australian shares 5% 0% - 15%
International shares 8% 0% - 18%
Private equity 1.5% 0% - 22%
Infrastructure 8% 0% - 28%
Property 6% 0% - 26%
Liquid alternatives (Growth) 0% 0% - 10%
Liquid alternatives (Defensive) 0% 0% - 20%
Credit income 4% 0% - 24%
Fixed income 20% 0% - 45%
Cash 47.5% 0% - 85%
Currency exposure 5.5% 0% - 18%

Investment Objective

CPI + 1.50% p.a.

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

Timeframe

3 years

Suited to investors who are prepared to invest in this option for 3 or more years. 
 

Risk Level

3 - Low to Medium

The estimated number of negative annual returns over any 20-year period is 1-2 times.

This is based on the Standard Risk Measure.

 

Cost of product for $50,000 account balance3

$312

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

Learn more about our fees and costs
 

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.

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 25% 5% - 45%
Defensive assets 75% 55% - 95%

Strategic Asset Allocation

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

Scroll table horizontally on mobile

  Target  Range 
Australian shares* 5.5% 0% - 16%
International shares* 7.5% 0% - 18%
Private equity 1.5% 0% - 22%
Infrastructure 8% 0% - 28%
Property 6% 0% - 26%
Liquid alternatives (Growth) 0% 0% - 10%
Liquid alternatives (Defensive) 0% 0% - 20%
Credit income 4% 0% - 24%
Fixed income 20% 0% - 45%
Cash 47.5% 0% - 85%
Currency exposure 5% 0% - 18%


*Note the equities investments for Retirement Income accounts have a focus on companies that are defensively positioned for this option. By contrast, the equities portfolios for Future Saver and Retirement Transition accounts have a greater focus on growth. Please refer to the ‘We invest differently in retirement to help safeguard your super savings’ section in the Retirement Income PDS for more information.

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