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How to choose a super fund

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Key points
  • There are some things you’ll need to think about when choosing a fund
  • You don’t have to choose your employer's default fund
  • We answer some common questions about choosing a super fund

What to consider when choosing a fund

Did you know that your super is one of the largest assets you’ll have? That’s why choosing the right fund to help you grow and manage your retirement savings is important.

Jump in to learn how to choose a fund that’s right for you.

 

Fees

All super funds charge fees to manage your retirement savings and investments. There are two different types of fees you’ll encounter when it comes to your super:

  • Admin fees cover the cost of running a fund. Some funds might charge a flat fee, a percentage of your balance, or a combination of both (like us).
  • Investment fees cover the cost of managing your investments. It’s often charged as a percentage of your super balance and might include a fee for investment transactions. Also, this type of fee might change depending on the type of investment you have.
How does this help you choose a super fund?
Ideally, you’d want to look for competitive admin fees so they don’t chew too much into your super balance. And while a low admin fee is great, remember that investment fees will vary depending on the investment option and how it’s managed. Higher investment fees might reflect the type of investment approach or cost of managing certain assets.

Long-term performance

Your super will be invested into an investment option by the fund. Whether you choose to stay in the default option (like a lot of people do) or choose your own investment, understanding how each investment option has performed is key in getting the best value.

While past performance is not an indicator of future performance, it’s important to look at the last seven to 10 years of returns to see how the fund’s investments balance out over time.

How does this help you choose a super fund?
Comparing investment performance like-for-like could help you understand which fund might perform better based on your preferred investment. For example, our High Growth option delivered an average 10-year return of 9.27% p.a.[P1] So, you could use that percentage to compare our 10-year performance with other high growth options at different funds.

Net returns

Now that you’ve understood your investment options, looking at net returns could help clarify value for money further.

Simply put, net returns are a projection of how much you could earn after a certain period. We work this out by subtracting fees and costs from potential investment earnings on a super balance.

How does this help you choose a super fund?
Using net returns to compare funds might make it easier to visualise what your balance might be after a period of time. This could then help you work out which fund is the right one for you.

Investment options

Super funds offer lots of investment options to help grow your retirement savings. This is where static and lifecycle investment options come into the picture:

  • A static investment option is where you need to update your investments manually if you want to change it as you age. This could mean choosing a higher risk investment when you’re younger, and a more balanced investment when you’re older.
  • A lifecycle investment option is where your fund automatically updates your investments for you as you approach retirement.
How does this help you choose a super fund?
Think about how involved you want to be in your investments. Do you want a hands-off approach? Or do you want to actively play a role? This could influence your decision to choose a fund that has options suited for your investment management style. For example, we offer a MySuper Lifecycle investment approach, which automatically updates your investment mix as you gradually enter retirement. But we also offer diversified options and single asset classes if you wanted to mix-and-match your investments.

Insurance

Most super funds offer three different types of insurance options:

  • death
  • total and permanent disablement (TPD)
  • income protection.

Having cover through your super does come with its perks. It’s convenient to manage and update because it’s tied to your super account, so you only need one set of login details to make any changes. It’s also generally cheaper to take out insurance through your super fund too, compared with retail insurers. But you need to make sure your new cover is active before your old cover ends if you switch funds and have insurance.

How does this help you choose a super fund?
Take a moment to consider the amount of cover you need or currently have. You could then use that insight to work out what funds offer the level of protection you need and how much it’ll cost you.

Extra supports and services

Most super funds offer extra services to help you grow your super or ease you into retirement. This might be online tools to plan your future, expert financial advice, top-notch customer service, or a whole new service that you probably didn’t consider.

How does this help you choose a super fund?
Think about the what support you might need from now until you retire. Then, see what services funds offer that could meet your needs. If the fund has a support or service you think is valuable, check if other funds have the same offerings. It could help you choose a super fund that suits your needs. For example, if you’re an Aware Super member and have insurance, you (and your family) can access health and wellbeing services at no extra cost.^ This service can come in handy if you need regular access to specific health services, like mental health or menopause support.

Do I have to choose my employer’s default fund?

No, you don’t need to choose your employer’s default fund. You can choose where you want your super paid when you’re starting a new job by sharing your fund details.

Hot tip: If you’re an Aware Super member, you can send a pre-filled email to your employer with all the info you need from our app. Or you can download our form and fill it out yourself.

Choose a fund that puts you first

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Frequently asked questions

You should check your super balance semi-regularly to see how it’s tracking. When you’re checking your balance, it’s also a good opportunity to review your fund in general. Think about how your fund has performed, both with their investments and service offerings.

You might also review your super fund choice when your annual statement is released. This document can help you understand your current balance, how your fund’s performed, and any other major updates to your super balance.

Getting your statement and checking your balance are good reminders that you’re not locked into your fund forever. You can always compare your current fund with others if you want to explore potentially better options for your retirement savings.

Yes, you can have an account with more than one super fund. But it’s generally a smart idea to have only one account for your super.[C1] That means you’re not paying multiple sets of fees or having to remember different login details for your accounts.

Some people might put the bare minimum into other super accounts to get insurance. You can speak to a qualified financial adviser to decide if opening another super account for insurance is the right move for you.

You can rest assured that your super is in safe hands. In fact, over 1.2 million Aussies trust us with their retirement savings.[M4] When you become a member with us, you’ll get access to:

Where to next?

See how we stack up
You can get all the info you need to compare us with other funds.
Compare us now
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^ Members can access health and wellbeing services at no additional cost. Your insurance covers you and your immediate family, specifically your partner or spouse and any children over 18 years old, for all Teladoc Health services and other wellbeing support services. Some of the services are available to all Aware Super members, even if you don’t have insurance through your super, including Headlight, TAL Directory of Support, Grief support, HealthScout and more. Note that some services may be specifically linked to your insurance.

TAL Life Limited, ABN 70 050 109 450, AFSL 237848 (‘the insurer’, or ‘TAL’) provides health services to Aware Super. This includes this service by Teladoc Health Australasia PTY LTD (Teladoc Health) (ACN 147 387 666). It is intended to provide general health information and advice. This service is available to you, your spouse and your children if you have insurance through Aware Super with TAL. Teladoc Health is not part of Aware Super or TAL, and services are provided by Teladoc Health, not Aware Super or TAL. The recommendations provided by this service are based on medical and other information you provide to Teladoc Health. Services are provided by Teladoc Health. Teladoc Health is the entity that will collect, use, disclose, store, secure and dispose of your personal health information if you use their services. TAL have exercised all due care and diligence when selecting Teladoc Health as a provider of these services. Aware Super and TAL do not take any responsibility for the services provided by Teladoc Health and do not recommend them as suitable for every individual. The information provided by this service is not a substitute for advice from a qualified medical professional or other health professional. This service is not intended to diagnose, treat, cure or prevent any health problem. Always consult your general practitioner or medical specialist before accessing any support service. These services may be subject to change or withdrawal in future.

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

[C1] Before consolidating, consider if this is right for you, including the loss of any insurance cover from your other funds, the impact on your investments, and potential tax implications and read the PDS and TMD at aware.com.au/pds. You may wish to speak with a qualified financial planner before making this decision.

[M4] Member numbers as of January 2026.

[P1] Aware Super's High Growth option return over 10 years to 31 December 2025. SuperRatings Fund Crediting Rate Survey, December 2025. Based on the SR Growth (77-90) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.