Choosing a default super fund for you and your employees
Superannuation builds up throughout your employees’ working lives, so choosing the right default fund for your business is important for everyone.
Here’s our top 4 things to consider when choosing your business default superannuation fund:
- Simple to use and easy to understand
- Low fees and great services for employees
- Quick and easy joining process
- MySuper compliant
When choosing your business default super fund, it’s a good idea to consider what system the fund has in place to ensure you don’t spend too much time on administration. Your default fund should make managing super quick and easy.
Virgin Money Super provides access to our QuickSuper Clearing House solution, an easy online system available 24/7, so you can reduce the time you spend on super admin and spend more time focusing on building your business.
Small savings in fees and costs can have a big impact on your employees’ super balances when they retire. When considering which default fund to join, you should compare fees and costs across a number of funds.
Virgin Money Super says NO to expensive, complex and unnecessary fees that eat away at your employees' retirement savings.
Super investment options
We understand that everyone likes to manage their money a little bit differently. Virgin Money Super offers your employees a range of investment options allowing them to take as little or as much control as they like. Plus, we offer simple super advice to help them make informed decisions about how to manage their money for the future.
Comparing the performance of super funds is important when looking at the fund you choose for your employees. Take the time to look at and compare the performance of Virgin Money Super.
Super insurance options
We'll help your employees protect their loved ones by offering a range of insurance options.
Once your employees become Virgin Money Super customers, they’ll receive Automatic Insurance6 - that means no medicals. And their premiums are paid from their super.If they need additional or more specific cover, they can tailor their insurance cover too. Have a look at the flexibility and support we offer.
From 1 January 2014, all employers must pay contributions into a MySuper authorised product for any employee who, at the time of employment, has not chosen their own superannuation fund.
Virgin Money Super ensures you’re able to meet these obligations, without any hassle. Our LifeStage Tracker® Option is an authorised MySuper compliant product.
What is MySuper?
- A single diversified investment option.
- Same fees for all – fees must be the same for all members and there must be no entry fees, adviser fees or commissions.
- Automatic Insurance – to ensure all members are protected, Automatic Death and Total & Permanent Disablement Insurance will be added to every account which members can tailor or opt-out completely.
For more information on our LifeStage Tracker® investment option, check out the investments section.TELL ME MORE
3 simple steps to join
The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO.
As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.
QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.
This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don't know your financial needs we can’t advise if Virgin Money Super will suit you. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before making a decision about the product. For further information about the insurance options refer to the Insurance Guide.
While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).
Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees.
It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.
Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust. For more information about Virgin Money Super, please refer to the PDS which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.
SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.
The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2016-2017 Financial Year.
Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 31 January 2017. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.
The median results are provided by SuperRatings and are current as at 30 June 2016 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.
Eligibility crtieria and fees apply. Aged 15-64 Death and Total and Permanent Disablity cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.
Automatic Death & TPD cover for Australian residents aged 15-64 with our default insurance offering. Conditions and Exclusions (such as pre-existing medical conditions) apply. See the Virgin Money Super Insurance Guide for more information.
The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.