Help your staff make the most of their super: comparing funds

The super contributions you make for your employees are one of the most valuable benefits they get. But are they making the most of these savings?

When it comes to super, there are a few easy ways to help people stay on track with their retirement savings. This time we look at the benefits of comparing super funds.

Below are three quick tips you can share with your employees so they can compare funds and work out if they’re in the best fund for them.

Understand the difference between retail and industry super funds

Industry super funds, like First Super, are not for profit. They are run only to benefit members, and have never paid commissions to financial planners / advisers.

These funds aim to provide above-average investment returns, while keeping management fees as low as possible. They also offer low-cost insurance cover for death, total and permanent disability, and income protection.

In contrast, retail super funds are owned by banks and insurance companies. Unlike industry funds, they aim to return some profit to shareholders, not direct to superannuation members. Retail super funds may also charge higher fees.

Compare the pair

How your super is looked after, and who manages it, can make a real difference to the amount of savings you’ll have at retirement. But it’s not easy to work out the long-term effect of both investment returns and fees on your super account.

Use First Super’s Compare My Super tool to see how your choice of fund could be impacting your super balance.

Talk to First Super

First Super has a team of Business Development Managers and Workplace Coordinators based around the country. They can visit your workplace to help to explain options and support with completing forms, as well as providing general advice and running information sessions.

To book a call or meeting, or for any other super queries, contact the Member Services Team on 1300 360 988 or mail@firstsuper.com.au.