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Virgin Super Plus - Benefits
If you'd like to get more involved and take control of your super, then Super Plus could be for you. You can Mix & Match your investment mix, and change it as often as you like. Here you’ll learn all about the other benefits of Super Plus.
With Super Plus you can mix and match your asset classes. Choose the percentage split between all or any of the following:
- Lifestage® Tracker Balanced or Aggressive
- International shares
- Australian shares
- Cash & Fixed Interest
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 our top three on why we choose to track the index instead of using an active fund management approach.
- Less fees More InfoAs we’re not an actively managed fund, you’re not paying for managers to do their guesswork routine. So it’s lower costs to us and less fees eating into your account over time.
- Less risky business for you More InfoSo 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.
- It’s an uncomplicated approach More InfoMany super funds invest by actively picking stocks in the hope they can outperform the market. That’s their way of attempting to up returns.
Your online account is there for you 24/7 so you can easily track and manage your super when it's convenient for you. Using your online account you can:
- view your super account balance
- update your personal details
- switch between Virgin Super Essentials and Virgin Super Plus
- view date-specific statements
- make voluntary contributions
- switch investment options as often as you like
- update your Insurance cover
It doesn't seem fair when you think about it. When mums go on maternity leave, or dads go on paternity leave – their superannuation contributions stop. So why on earth do super funds continue to charge Administration fees?
Virgin Money was the first Super fund in Australia to do something about it. We'll waive your Administration Fees for up to 12 months while you're on maternity or paternity leave. What else would you expect from Virgin?
Ready for your delivery?
Our Baby Break isn’t means tested, so you get the full benefit* while you’re on maternity or paternity leave. You can apply for the Virgin Super Baby Break once per child.
If you're an existing member and want to apply for the Virgin Super Baby Break, fill in the Baby Break Form which you'll find on the popular tools bar on your left.
*Conditions apply. See full terms and conditions.
If you're an Australian resident and have a UK pension, we can give you a hand transferring your pension to the one account, right here in Australia.
We are a Qualifying Registered Overseas Pension Scheme (QROPS). This means no extra UK tax may apply when transferring your pension to Virgin Super and helps make the transfer process as straightforward and painless as possible.
- Save on tax on transferred amount at retirement More InfoTransfer your overseas pension within 6 months of becoming an Australian Resident and you may pay no tax within Australia on this transfer. After 6 months tax is payable on your superannuation earning since becoming a resident. For those under age 65, any after-tax amounts in excess of $450,000 (averaged over 3 years) may face tax at your highest income tax rate (plus Medicare levy). Other tax implications may apply. Please refer to ato.gov.au for further details.
- You could save on your overseas tax More InfoThis is where the transferring within 6 months comes into play
- You could save on fees More InfoIf you have more than 1 superannuation account or pension, you are most likely paying multiple fees.
- Protect your estate More Info You can protect your estate by leaving your money to family rather than your pension provider.
When transferring amounts from an eligible overseas pension fund to Virgin Super, a fee of $275 per pension transfer applies. This fee is deducted from your account balance at the time we process your request.
If you're an existing member and want to complete a UK or overseas pension transfer, go to our Manage Your Super section to find out how.
Being protected is important. For Aussie Residents aged 15-64, we’re adding Automatic Insurance cover from 1 September 2013. This includes pre-approved Death and Total and Permanent Disablement (TPD) Insurance based on your age.
If you want more cover, you can tailor your cover.
If you don’t think you need the new Automatic Insurance, you can opt out of this cover at any time. See Insurance Options for more information.
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're proud to announce we've won a SuperRatings 2014 Gold rating for both Virgin Super Essentials and Virgin Super Plus offers. That’s 5 years in a row now for Virgin Super.
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.