AustSafe Superannuation Review
Last updated on August 17th, 2022
Read Here for Our AustSafe Superannuation Review:
AustSafe was created in 1988 as an industry super fund for rural and regional communities and industries. It has affordable fees and does not pay commissions to advisors. It also offers different services to assist you in planning and managing retirement.
The AustSafe Advantage: Low Fees and Solid Returns
Employees in rural and regional Australia who has their employer paying contributions for them can join the fund.
A Personal Plan is also available for business owners and the self-employed that make their own super contributions. There are two pension products for those who already reached the preservation age:
- Transition to retirement pension
- Retirement pension
These two accounts provide a regular income over a period of years or months. These can also serve as an investment account.
Super Funds from AustSafe
This industry super fund accepts employees who have their employer pay the required contributions for them. You can choose between four pre-made investment options or five different asset classes.
The four pre-made investment options are:
- MySuper (the default investment option once you become a member)
- Super Growth
- Capital Stable
- CRF Capital Stable
The five asset classes vary depending on your risk appetite:
- Australian Equities
- International Equities
- Property
- Fixed interest
- Cash
You need to pay an administration fee of $1.75 plus 0.09% of your account balance per week. There is also an investment fee of 0.63% per annum and a performance fee of 0.05%
You can modify the investment mix of your super every week. You will also have a default Death and Total and Permanent Disability cover. Plus, you can apply for additional cover like income protection. However, this will be considered as an additional premium.
AustSafe Personal Super for the Self-employed
The Personal Super is exclusive to business owners and the self-employed. It has the same investment options as the AustSafe Industry Super.
If you are a member, prepare to pay the following fees:
- Investment fee 0.63% p.a. of the account balance
- Performance fee of 0.05% p.a.
- Administration fee worth $1.75 p.w., plus a 0.09% p.w. of the account balance
The product disclosure statement contains the full list of fees and charges for this fund. Make sure to review the statement before signing up.
Insurance is also included when you become a member. You get Death and TPD as default cover. Additional fees are charged if you want to add terminal illness and income protection for an extra charge. You can also modify the level of cover depending on your personal circumstances.
Pension account and Transition to Retirement
The pension account is for those who are already in their preservation age and have met a super condition of release. The Transition to Retirement account is for those who are under 65 years old and still employed.
- You pay an investment fee of 0.10 to 0.70% p.a. depending on your chosen investment option. A tiered administration fee is charged for account balances worth more than $700,000.
- The pension payments become tax-free once you reach 60 years old.
- The insurance cover from the AustSafe Super Fund can be rolled over to your pension account. You just need to maintain at least $5,000 in your Personal Plan or Industry Fund.
- You can’t add contributions to the pension account once it’s opened. Discuss this with your financial planner on how to top up.
- You can salary sacrifice towards your super fund to enjoy tax benefits. Withdraw from your Pension account for additional income.
Compare the Best Super Funds Here at Makes Cents.
AustSafe was recognised in 2015 for serving their customers well with superb services and benefits. Review your investment options carefully and see if AustSafe makes it to the top of the list. Use a comparison website like Makes Cents that lets you compare features of different super funds available for you. Check out our other feature articles to learn more superannuation offerings.
Our AustSafe Superannuation Review is just one of many. You can also read reviews on many more companies offering Superannuation in Australia.
