Choosing a super fund

Selecting a home for your super is an important decision that could make thousands of dollars difference to your income in retirement.

It’s worth doing your homework - why gamble with the lifestyle you could enjoy in retirement?

Most Australians are able to choose which super fund their employer pays their super contributions into. However, you may not be able to choose if you are:

• a member of certain public sector super schemes
• a member of certain defined benefit funds
• covered by State awards, where the employer is not a constitutional corporation
• covered by a Federal certified agreement, collective agreement, Australian workplace agreement, or ITEA that requires the employer to make superannuation contributions
• covered by a State agreement made before 27 March 2006 that requires the employer to make superannuation contributions
• covered by a workplace determination; or
• covered by an enterprise agreement.

Choosing a super fund is easy. Getting your choice right is important, as your employer is only required to accept one choice every 12 months.

Step 1: Gather information

Find out what super options are available to you. Compare the features and benefits of your current fund, the fund chosen by your employer and any other funds you are considering. Consider the fees, investment options, insurance offers and other important features of the funds.

Be sure to compare the long-term investment performance of each fund. Short-term returns may not reflect the overall performance of the fund.

For Media Super's investment performance, see Long-term performance.

Step 2: Tell your employer

Give your employer details of your chosen fund by completing an application form or by a written statement including the necessary information. This information may be provided by the chosen fund.

Media Super's choice of super fund form has all the information you need to provide to your employer.

Media Super's application process is easy - apply now.

Step 3: Consolidate your super

Any money you have in other funds will remain there unless you transfer it (rollover) to another fund.

Check the impact of any exit fees or benefits you may lose before leaving the fund.

Your choice of super fund could make thousands of dollars difference to your income in retirement.

Media Super is run only to profit members. Industry super funds (such as Media Super) have lower fees and don't pay commissions.

Consider the differences between industry funds, retail funds and self-managed super funds when making your choice.