If you are a working individual of legal age in Australia, you are entitled to receive a mandatory contribution, Australian Super, for your superannuation from your employer. It is a government-mandated contribution made over the course of your professional life as an investment for your future. Australian Super is Australia’s biggest superannuation fund. The goal of the Fund is to facilitate members so they can retire comfortably.
In times of stock market instability and financial unpredictability, superannuation funds provide supportive capital to businesses, helping the economy. In this article, we will discuss AustralianSuper, which plays an important role in the country’s economy.
About Australian Super
It is only for the members and does not pay any profits to the stakeholders. The Fund was established in 2006 after the merger of the Superannuation Trust of Australia (STA) and the Australian Retirement Fund (ARF). It is a public offer industry fund with 12 investment options.
Aim
The Fund aims to provide significant monetary value to its members and the community, resulting in a stable economic condition for the country.
User-Oriented Fund
The Fund is also considered Australia’s most user-oriented Fund as it allows you to get easy access to your account through its own mobile app. Its website is also easy to use, and you only have to fill in your information the first time.
Australian Super Made Easy
AustralianSuper made easy is a recently launched six-part radio series produced by the Fund in collaboration with CAAMA Alice Springs. The series aims to provide in-depth information about insurance and superannuation to help Torres Strait Islanders and Aboriginal people who are often neglected. The program discussion topics include:
- Understanding their insurance benefits
- Understanding super
- Know when and how to access their super
- Engage with their super Fund
- Learn which fund their super is with
- Keep track of their balance
- Understanding the benefits of insurance
Awards
It offers a broad range of solid investment options where the members can tailor the portfolio to cater to their individual needs. In the last decade, the Fund’s performance was better than any other competitor in Australia. It was also awarded the top position in 2021 by the Australian Prudential Regulation Authority (APRA). It has received a Finder award for its balanced Fund, which gave a strong annual return of 9.74 % over the past decade.
Account-Based Pension
AustralianSuper also provides an account-based pension. Using this account, you receive a regular income from your super while your super balance stays invested. It comes with payment options every two weeks, monthly, quarterly, twice a year, or annually. You can choose the option best suited for you. The members can also seek assistance from registered financial experts.
Increased Allocation to Private Equity
In the recent past, the funds announced that in the next two years, it would increase the private equity allocation from 5% to 7%, and in the next five years, the general private equity investments will be increased up to 50 billion.
Funds Allocation to the United States
It recently made a statement about allocating funds into the US, targeting the financial, industrial, consumer, technology, and healthcare sectors. The Fund plans to invest 9.5 billion by 2024 in General partner Funds and co-financing. The investment prospects are administered by a team of experts at its recently opened New York office. AustralianSuper’s current global investment is up to $72 billion, which is expected to grow to $100 billion by 2024.
Increased Investment Fees
The Fund has increased the investment fee after making advance payments for financing several land assets and infrastructures. The Fund’s balanced option saw an increase of 0.1%.
Investments during the Pandemic Period
The Fund invested $2.6 billion in 74 companies through the pandemic, starting from March 2020 to June 2020. It made an added investment of $550 million and took part in 40 financial raisings.
FAQs
Let’s see answers to some of the frequently asked questions about the Australian Super to provide further information about it.
How do I access my AustralianSuper account?
The account can be accessed using the Australian Super login on the official website or mobile app. You will be asked to enter your username and password to log in.
How do I check my account balance?
The super balance can be checked through the annual statement or internet by logging into your online account or phone app.
Is AustralianSuper the best super Fund?
It is considered the best and strongest performing fund of all time in Australia.
How do I access my Australian Super account?
The app can be downloaded from both the App store and Google Play. You can log in with your AustralianSuper user ID and password. You will have to register first if you have not logged in earlier. The Registration process is simple, and you will only need your member number to do so.
What is the AustralianSuper ABN number?
ABN is a registered business number assigned by the Australian government. The ABN number for AustralianSuper is 94 006 457 987.
Can I withdraw money from Australian Super?
The account money can be accessed once you have reached the preservation age. But if you wish to withdraw the whole amount, you will have to meet the conditions, which include fully retiring and preservation age
