Virgin Super Essentials - Benefits
Super Essentials is all about simplicity with an easy to understand investment option and straightforward fees. Here you’ll learn all about the other benefits of Super Essentials.
One of the smart ways to look after your superannuation investment is to be part of an index tracking fund, like Virgin Super. Why? Well super’s a long-term investment and, put simply, index tracking is a long-term strategy. It’s designed to work with the markets over time to grow your investment as much as possible.
An index fund tracks the performance of a particular market. This is different to an active fund where investors try to outperform the market.
To give you a bit more of an insight, here’s why we choose to track the index instead of using an active fund management approach.
- Less fees
As we’re not an actively managed fund, you’re not paying for managers to do their guesswork routine. So it means less fees eating into your account over time.
- Less risky business for you
So members can benefit from diversification, index funds invest in a number of stocks that represent the index (like the S&P/ASX 300 Accumulation Index). Because all those eggs aren’t in the one or two big baskets, you end up reducing risk while expecting to achieve returns similar to the market.
Your online account is there for you 24/7 so you can easily track and manage your super when it's convenient for you on any device. Your online account allows you to easily:
- view your super account balance
- update your personal details
- switch between Virgin Super Essentials and Virgin Super Plus
- view previous statements
- organise your rollover(s) to consolidate your super
- update your Insurance preference
- and much more...
In April 2015, the UK Government made changes to the tax and pension rules governing UK pension schemes. These changes meant that many Australian super funds, including Virgin Super, are no longer a UK Qualifying Recognised Overseas Pension Scheme (QROPS). If you wish to transfer your UK pension to a non-qualifying scheme (such as Virgin Super), you will be liable for additional UK tax charges on your transferred funds.
It is important that before you transfer any benefits you consider all your options. You should seek independent advice before deciding to transfer your UK pension to Australia.
If you wish to transfer your Virgin Super account to your KiwiSaver in New Zealand, you’ll need to complete a Trans-Tasman Transfer Application form.
For more information, please contact our Customer Care team on 1300 652 770 (Weekdays from 8am to 6pm AEST).
Being protected is important. For Aussie Residents aged 15-64, we’re offering Automatic Insurance cover which includes pre-approved Death and Total and Permanent Disablement (TPD) Insurance. Your cover and related premium will be based on your age.
If you want more cover, you can tailor your cover.
And if you don’t think you need our Automatic Insurance cover, you can opt out of this cover at any time via your online account. See Insurance Options for more information.
MySuper – is part of the Government’s Stronger Super reforms, and is aimed at making super easier and more transparent for people to compare default super products through a standardised MySuper Dashboard.
Authorised super funds need to offer a low cost product for members who haven’t made a choice. Virgin Super Essentials is Virgin Super’s MySuper offer.
Independent superannuation research company, SuperRatings, put Australian superannuation funds under the microscope each year.
After a comprehensive analysis of over 300 superannuation products covering upwards of $400 billion, we have been awarded a SuperRatings 2015 Silver rating for both Virgin Super Essentials and Virgin Super Plus offers.
What this means to you
SuperRatings’ ratings system is designed to reflect each fund’s “Value for Money”. This means with Virgin Super, you’ll get:
- value from your fund
- a secure environment
- good benefits
- suitable and well-priced insurance
How is this awarded?
SuperRatings seeks to cover over 300 individual parts of a superannuation fund’s offering, and the rating system drills down to seven main components:
- Fees and charges
- Quality overlay
Remember ratings are just one of the factors you should consider when deciding whether the product is right for you.
Things you should know
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.
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 Super will suit you. Please consider the Product Disclosure Statement and Financial Services Guide before making a decision about the product.