legalsuper Superannuation Review
Last updated on August 17th, 2022
Read Here for Our legalsuper Superannuation Review:
legalsuper is an industry super fund established in 1989 for the legal community. As a super fund, legalsuper does not pay commissions to its agents and advisors. They also have lower fees and provide their members with basic insurance. However, you don’t have to be working under Australia’s legal services industry to get legalsuper. Any Australian can be a member of Legalsuper where they can plan and save for their retirement.
legalsuper offers its members superannuation products as well as two types of pension products. legalsuper allows its members to mix and match their investments. As a legalsuper member, you can choose from 12 different asset classes, on top of the legalsuper Direct Investment Option. The legalsuper Industry Fund and Personal Plan also come with a generic Death and TPD cover for the members.
Legalsuper has a 24/7 online platform where members can manage and check their funds. Through the legalsuper MemberAccess, you can view current account balances and investments, update personal details, and manger your investment options as well.
What are the Super Funds Available with Legalsuper?
You can choose one or a combination of 12 different asset classes from legalsuper. You can also choose the Direct Investment Option which gives you access to trade securities on Exchange Traded Funds, S&P/ASX 300 index, Listed Investment Companies, and term deposits. Policyholders have the flexibility to change their choice of investment at any time.
Choose from the following asset classes:
Single Asset Class
- Cash - It aims to match the Bloomberg Ausbond Bank Bill Index over a 5-year rolling period. It has quite a low risk.
- Enhanced Cash - It aims to outperform the Bloomberg Ausbond Bank Bill Index over a 5-year rolling period. It is considered a low-risk investment.
- Overseas Shares - It aims to outperform the Composite Overseas Shares Index over a 10-year rolling period. It is considered high risk.
- Australian Shares - It aims to outperform the S&P/ASX300 Accumulation Index over a 10-year rolling period. It entails quite a high risk for its investors.
Pre-Mixed Asset Classes
- Conservative - For investors with low to medium risk level appetite. It has a return objective of 2% over a 10-year rolling period.
- Conservative Balanced - For investors with medium risk level appetite. It has a return objective of 2.5% over a 10-year rolling period.
- Balanced Index - It has a return objective of 3% over a 10-year rolling period and is considered high risk.
- MySuper Balanced - It has a return objective of 3% over a 10-year rolling period, and its risk level is medium to high.
- Balanced - It has a return objective of 3% over a 10-year rolling period and its risk level is medium to high.
- Balanced Socially Responsible - It has a return objective of 3% over a 10-year rolling period, and its risk level is high.
- Growth - It has a return objective of 3.5% over a 10-year rolling period, and its risk level is high.
- High Growth - It has a return objective of 4% over a 10-year rolling period and its risk level is high.
There are fees that you need to pay for the administration of your funds. The administrative fee is $1.30 p.w. plus 0.29% of your investment. Meanwhile, the investment fee ranges from 0.13%-0.86% p.a., depending on your investment.
All legalsuper members have Death and TPD cover. The coverage decreases as you become older. Members also get access to banking products of ME bank and discounted life insurance as well as financial planning.
What are the Pension Products Offered by legalsuper?
legalsuper offers two types of pension accounts: a standard pension account and a transition to retirement account. A legalsuper pension account pays you a regular income when you fully retire. The amount is taken from your superannuation fund.
The legalsuper transition to a retirement account can pay you an additional income while you are still working, once you have reached your preservation age.
Choose the right super fund that suits your needs. Makes Cents is here to help you make an informed decision.
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