largest superannuation funds in australia

Kingpins of super: 20 largest super funds – SuperGuide

The 20 largest super funds in Australia control more than two-thirds (69.4%) of all super money held by the 205 or so larger super funds as at June 2017, up from 65.2% (as at June 2016), up from 62.8% (as at June 2015), and up from 58% (as at June 2014). The same 20 largest super funds control 45% (44.87%) of all super money held in Australia.

Australia’s Largest Super Funds | Canstar

Australia’s Largest Super Funds. Australia’s superannuation system is one of the world’s largest pension schemes. According to the Association of Superannuation Funds of Australia (ASFA), there were $2.3 trillion in assets under management as of June 2017. This represents a significant 10% increase in total assets compared with 12 months prior.

Superannuation in Australia – Wikipedia

As of 30 September 2017, Australians have $2.53 trillion in superannuation assets, making Australia the 4th largest holder of pension fund assets in the world.

Introduction ·

The super funds with the highest, and lowest, fees in

The Fat Cat Funds Report, now in its sixth year, looks at the performance of the 500 largest superannuation multi-asset fund options offered by more than 100 of the largest super funds …

Exposing the performance history of Australia’s largest

Note: The data covers the 200 largest super funds in Australia which represents 99.9% of the assets of all super funds regulated by APRA, and represents roughly 65% of all superannuation fund assets in Australia.

Superannuation’s sunset clause – news.com.au

Ian Silk, chief of Australia’s biggest superannuation fund AustralianSuper, says that telling people how much super they will have at retirement can still be “meaningless”.

Best Australian Superannuation Funds 2019 | RateCity

The superannuation guarantee is the term given to compulsory superannuation contributions made by employers to complying superannuation funds. From 1 July 2014, the federal government stipulated that an employer must contribute 9.5 per cent (as the minimum) of an employee’s wage or salary to their superannuation, although this is scheduled to gradually rise to 12 per cent by 2025.

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job. You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.Before you set up a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds. Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia. Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).Before you create a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds. Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia. Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement. The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week: Lifestyle Singles Couples Modest $465 $668 Comfortable $837 $1,150 Here is the superannuation balance you would need to fund that level of spending: Lifestyle Singles Couples Modest $50,000 $35,000 Comfortable $545,000 $640,000 These figures come from the March 2017 edition of the ASFA Retirement Standard. The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension. Here is how ASFA defines retirement lifestyles: Category Comfortable Modest Age pension Holidays One annual holiday in Australia One or two short breaks in Australia near where you live Shorter breaks or day trips in your own city Eating out Regularly eat out at restaurants. Good range and quality of food Infrequently eat out at restaurants. Cheaper and less food Only club special meals or inexpensive takeaway Car Owning a reasonable car Owning an older, less reliable car No car – or, if you do, a struggle to afford the upkeep Alcohol Bottled wine Casked wine Homebrew beer or no alcohol Clothing Good clothes Reasonable clothes Basic clothes Hair Regular haircuts at a good hairdresser Regular haircuts at a basic salon Less frequent haircuts or getting a friend to do it Leisure A range of regular leisure activities One paid leisure activity, infrequently Free or low-cost leisure activities Electronics A range of electronic equipment Not much scope to run an air conditioner Less heating in winter Maintenance Replace kitchen and bathroom over 20 years No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom No budget to fix home problems like a leaky roof Insurance Private health insurance Private health insurance No private health insuranceOpening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form: The name of your preferred superannuation fund The fund’s address The fund’s Australian business number (ABN) The fund’s superannuation product identification number (SPIN) The fund’s phone number A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways: Lump sum Account-based pension Part lump sum and part account-based pension However, please note that your superannuation fund will only be able to make a payout if you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach: Age 65 Your ‘preservation age’ and retire Your preservation age and begin a ‘transition to retirement’ while still working The preservation age has six different categories: Date of birth Preservation age Before 1 July 1960 55 1 July 1960 – 30 June 1961 56 1 July 1961 – 30 June 1962 57 1 July 1962 – 30 June 1963 58 1 July 1963 – 30 June 1964 59 From 1 July 1964 60 There are also seven special circumstances under which you can claim your superannuation: Compassionate grounds Severe financial hardship Temporary incapacity Permanent incapacity Superannuation inheritance Superannuation balance under $200 Temporary resident departing AustraliaThe amount of superannuation you need to have at retirement is based on how much money you would expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement. The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week: Lifestyle Singles Couples Modest $465 $668 Comfortable $837 $1,150 Here is the superannuation balance you would need to fund that level of spending: Lifestyle Singles Couples Modest $50,000 $35,000 Comfortable $545,000 $640,000 These figures come from the March 2017 edition of the ASFA Retirement Standard. The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension. Here is how ASFA defines retirement lifestyles: Category Comfortable Modest Age pension Holidays One annual holiday in Australia One or two short breaks in Australia near where you live Shorter breaks or day trips in your own city Eating out Regularly eat out at restaurants. Good range and quality of food Infrequently eat out at restaurants. Cheaper and less food Only club special meals or inexpensive takeaway Car Owning a reasonable car Owning an older, less reliable car No car – or, if you do, a struggle to afford the upkeep Alcohol Bottled wine Casked wine Homebrew beer or no alcohol Clothing Good clothes Reasonable clothes Basic clothes Hair Regular haircuts at a good hairdresser Regular haircuts at a basic salon Less frequent haircuts or getting a friend to do it Leisure A range of regular leisure activities One paid leisure activity, infrequently Free or low-cost leisure activities Electronics A range of electronic equipment Not much scope to run an air conditioner Less heating in winter Maintenance Replace kitchen and bathroom over 20 years No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom No budget to fix home problems like a leaky roof Insurance Private health insurance Private health insurance No private health insuranceA superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types: Retail funds Industry funds Public sector funds Corporate funds Self-managed super funds Retail funds are usually run by banks or investment companies. Industry funds were originally designed for workers from a particular industry, but are now open to anyone. Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees. Corporate funds are arranged by employers for their employees. Self-managed super funds are private superannuation funds that allow people to directly invest their money.According to the Association of Superannuation Funds of Australia (ASFA), here is how much you would be able to spend per week during retirement: Lifestyle Singles Couples Modest $465 $668 Comfortable $837 $1,150 Here is the superannuation balance you would need to fund that level of spending: Lifestyle Singles Couples Modest $50,000 $35,000 Comfortable $545,000 $640,000 These figures come from the March 2017 edition of the ASFA Retirement Standard. The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension. Here is how ASFA defines retirement lifestyles: Category Comfortable Modest Age pension Holidays One annual holiday in Australia One or two short breaks in Australia near where you live Shorter breaks or day trips in your own city Eating out Regularly eat out at restaurants. Good range and quality of food Infrequently eat out at restaurants. Cheaper and less food Only club special meals or inexpensive takeaway Car Owning a reasonable car Owning an older, less reliable car No car – or, if you do, a struggle to afford the upkeep Alcohol Bottled wine Casked wine Homebrew beer or no alcohol Clothing Good clothes Reasonable clothes Basic clothes Hair Regular haircuts at a good hairdresser Regular haircuts at a basic salon Less frequent haircuts or getting a friend to do it Leisure A range of regular leisure activities One paid leisure activity, infrequently Free or low-cost leisure activities Electronics A range of electronic equipment Not much scope to run an air conditioner Less heating in winter Maintenance Replace kitchen and bathroom over 20 years No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom No budget to fix home problems like a leaky roof Insurance Private health insurance Private health insurance No private health insuranceYou or your partner could be forced to surrender part of your superannuation if you divorce, just like with other assets. You can file a claim for division of property – including superannuation – as soon as you divorce. However, the claim has to be filed within one year of the divorce. Your superannuation could be affected even if you’re in a de facto relationship – that is, living together as a couple without being officially married. In that case, the claim has to be filed within two years of the date of separation. Either way, the first thing to consider is whether you’re a member of a standard, APRA-regulated superannuation fund or if you’re a member of a self-managed superannuation fund (SMSF), because different rules apply. Standard superannuation funds If your relationship breaks down, your superannuation savings might be divided by court order or by agreement. The rules of the superannuation fund will dictate whether this transfer happens immediately, or in the future when the person who has to make the transfer is allowed to access the rest of their superannuation (i.e. at or near retirement). Click here for more information. SMSFs If your relationship breaks down, you must continue to observe the trust deed of your SMSF. So if you and your partner are both members of the same SMSF, neither party is allowed to use the fund to inflict ‘punishment’ – such as by excluding the other party from the decision-making process or refusing their request to roll their money into another superannuation fund. This no-punishment rule applies even if the two parties are involved in legal proceedings. Click here for more information. Financial consequences Superannuation funds often charge a fee for splitting accounts after a relationship breakdown. Splitting superannuation can also impact the size of your total super balance and how your super is taxed. Click here for more information.