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A super fund is a retirement savings account that helps Australians save for their retirement. Super funds are managed by financial institutions and invest your money in a variety of assets, such as shares, bonds, and property.

It is important to compare super funds before choosing one, as there is a big difference in fees, investment performance, and features between different funds.

Here are some of the factors you should consider when comparing super funds:

Fees and charges: How much does the super fund charge in fees and charges?
Investment performance: How has the super fund performed in recent years?
Investment options: What are the investment options available in the super fund?
Insurance: What kind of insurance does the super fund offer?
Customer service: What is the reputation of the super fund for customer service?

You can compare super funds using a variety of online tools and websites, such as the Australian Taxation Office’s YourSuper comparison tool.

Fees and charges

Super funds charge a variety of fees and charges, including:

Administration fees: These fees cover the cost of running the super fund.
Investment fees: These fees cover the cost of investing your money.
Transaction fees: These fees are charged when you make changes to your super fund account, such as buying or selling investments.

The amount of fees and charges you pay will vary depending on your super fund and the investment options you choose. It is important to compare the fees and charges of different super funds before choosing one.

Investment performance

Super fund investment performance is measured by the returns that the fund generates for its members. Returns can be positive or negative, depending on the performance of the investments held by the fund.

It is important to compare the investment performance of different super funds over a long period of time, such as five years or more. This will give you a better idea of how the fund has performed over the long term.

Investment options

Super funds offer a variety of investment options, such as:

Cash: Cash investments are the safest type of investment, but they also generate the lowest returns.
Bonds: Bonds are investments in government or corporate debt. They generally offer higher returns than cash, but they are also riskier.
Shares: Shares are investments in companies. They offer the potential for the highest returns, but they are also the riskiest type of investment.

The investment options you choose will depend on your risk tolerance and investment goals. It is important to speak to a financial advisor before making any investment decisions.

Insurance

Super funds offer a variety of insurance products, such as:

Death and total permanent disability (TPD) insurance: This insurance pays out a lump sum if you die or become totally and permanently disabled.
Income protection insurance: This insurance pays out a monthly income if you are unable to work due to illness or injury.

The type and amount of insurance you need will depend on your individual circumstances. It is important to speak to a financial advisor to get advice on the right insurance cover for you.

Customer service

It is important to choose a super fund with good customer service. This means that the fund should be easy to contact and should be able to answer your questions in a timely and helpful manner.

You can read reviews of different super funds online to get an idea of their customer service reputation. You can also ask your friends, family, and colleagues for recommendations.

Conclusion

Comparing super funds is an important step in choosing the right fund for your needs. By comparing the fees and charges, investment performance, investment options, insurance, and customer service of different super funds, you can make sure that you are choosing the best fund for your money.

Here are some tips for choosing the best super fund for you:

Consider your investment goals and risk tolerance. What are you saving for and how much risk are you comfortable taking?
Compare the fees and charges of different super funds. The fees you pay can have a big impact on your super balance over time.
Compare the investment performance of different super funds over a long period of time. This will give you a better idea of how the fund has performed over the long term.
Consider the investment options offered by different super funds. Make sure that the fund offers the investment options that you are looking for.
Consider the insurance offered by different super funds. Do you need death and TPD insurance? Income protection insurance?
Consider the customer service reputation of different super funds. You want to choose a fund that is easy to contact and that can answer your questions in a timely and helpful manner.