5. Choice of Superannuation Fund
Most Australian employees can now choose which superannuation fund they would like their employer to make contributions to.* This information can help you compare funds and make an informed decision.
- What happens if you don’t make a choice
- What you should consider
- How to compare funds
- Decision time
What happens if you don’t choose a super fund
If you don’t make a choice, your employer will pay their superannuation contributions to a ‘default’ fund. As some employers use more than one default fund, it is important to check with your employer where your super will be placed if you do not make a choice.
What you should consider when choosing a fund
Investment Performance
You should not choose a fund based solely on past performance. Just because a fund performed well last year does not mean it will in the future. You should consider the fund’s investment management philosophy. Does the fund offer diversified options and a multi-manager platform?
Fee Structure
A fund should be able to provide you with a clear and defined fee structure. Be sure to look for any ‘hidden’ fees or commissions.
Insurance Cover
Perhaps one of the most critical benefits that can be compromised when changing funds is your level of insurance cover. Be sure to investigate if adequate cover is provided by the fund you are considering. It is also important to note that some funds will require you to provide medical evidence before cover will be offered.
How to compare funds
If you are thinking of making a move to another superannuation fund, make sure you take the time to compare the features. A familiar name and flashy advertising doesn’t mean it will provide the best results and experience. Use the choice checklist provided on the reverse side of this sheet for a comprehensive comparison.
Decision time
Don’t be pressured into making a decision
If you have followed the preceding steps and considered the risks associated with a change of fund, then you’ve almost completed the puzzle.
If you decide to select another fund, make sure you fully appreciate the impact of your decision on what is currently provided.
You could be sacrificing:
- Fee rebates
- Free insurance cover
- Free administration
- Additional contributions from your employer
You can call the Helpline on 1800 555 667 to see which of these apply to you.
If you’re considering another fund because of a financial adviser’s recommendation, has your adviser disclosed the costs, any loss of benefits or other consequences of switching funds?
Choice Checklist
Complete the checklist to compare funds, and call our Helpline on 1800 555 667 if you have any questions. We’re here to make sure you have all the information you need about Russell SuperSolution to make an informed choice.
You may also like to take a look at the Personal Division Product Disclosure Statement (PDS) or if you are an Employer Division member, log in to see your specific PDS. Alternatively call our Helpline to get a printed copy . Your PDS contains full details of your fund including fees, investment choices and insurance options.
| Features | Russell SuperSolution | Alternative Fund |
|---|---|---|
Clear and easy to understand fee structure |
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| No entry or contribution fees |  |
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| No commissions | |
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| No investment switching fees | |
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Ability to create wealth for your retirement |
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| A long term approach to investment, seeking consistent returns | |
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| 25 diversified investment options | |
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| The ability to maintain your current level of insurance without medical evidence | |
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| A superannuation fund for your spouse by opening a spouse account | |
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| Income in retirement using an allocated pension or term allocated pension | |
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Access to a FREE range of services |
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| Self-service telephone helpline with after hours facility | |
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| Dedicated superannuation specialists to answer your super questions | |
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| Secure website to access your personal details | |
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| Website with real-time information about your superannuation | |
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| Access a range of superannuation modelling tools | |
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Learn more about superannuation |
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| Access to on-line seminars and booklets | |
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| Option to attend free face-to-face seminars | |
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| Keep up-to-date through regular newsletters | |
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Some extra benefits |
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| Access to affiliated financial planners | |
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| An award winning fund | |
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Russell SuperSolution can be your super partner for life
Did you know you can have your next employer* make contributions to Russell SuperSolution Master Trust (Russell SuperSolution)? Russell SuperSolution is designed to go everywhere with you, right through your working life and beyond into your retirement years – so you truly can stay with one super partner for life. To find out more read our Changing Employment fact sheet.
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| * In some instances you may not be able to choose your own superannuation fund. Please speak to your employer or visit www.superchoice.gov.au for more information. |
Issued by Total Risk Management Pty Limited ABN 62 008 644 353, AFSL 238790, RSE L0000260, ("TRM"). This fact sheet provides general information only. This information has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. The information has been compiled from sources considered to be reliable, but is not guaranteed. Any examples
shown are purely hypothetical and have been included for demonstrational purposes only. Past performance is not indicative of future performance. An invitation to apply to join the Russell SuperSolution is made by TRM in a Product Disclosure Statement ("PDS"). Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in Russell SuperSolution. The PDS is currently available by phoning 1800 555 667 or by visiting www.russell.com.au. TRM is a member of the Russell Investment Group of companies. The Russell Investment Group or its associates, officers or employees may have interests in the financial products referred to on this website by acting in various roles including broker or adviser, and may receive fees, brokerage or commissions for acting in these capacities. In addition, the Russell Investment Group or its associates, officers or employees may buy or sell the financial products as principal or agent.