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Super Funds in Australia

Thinking of using your superannuation fund to buy life insurance? Your super fund may be a cheaper option to purchase life insurance as some funds can use their combined buying power. 

This is known as group insurance and is able to provide a cheap premium for its members. Shop around and you might be pleasantly surprised to discover that Death and total and permanent disability (TPD) cover & often even income protection may be offered as cover. Members can purchase a set price for one ‘unit’ of cover, with their cover diminishing on a pro rata level as their age increases.

From the first of July 2010 July 2010 around 5,000,000 members will have the option to choose what fund their employer pays their compulsory super contributions into. For "default" contributions, (i.e. where the employer doesn't nominate a super fund of their own and the employer decides) there is minimum required level of life insurance, as defined in the regulations. The absolute minimum premium is 50 cents per week, or else a minimum of death cover based upon age.

These are the current default fund insurance requirements  as of 1/1/2010 in the table below:

NB: Retirement Savings Accounts don't have apply the above standards, and there are other savings schemes which are also exempt.

You can see that the minimum amounts of super fund cover can be actually be very low. Super members may perceive that they have enough cover with their fund which may not be the case. Surveys of members reveal that some consider a lump sum superannuation payment of $100,000 to $150,000 is adequate for their retirement - that’s only 2-3 times average income based on 2009 earnings!

A good strategy may be to buy extra super units. Speak to a good investment advisor to help you make this decision in view of your own circumstances.
 

List of Superannuation Funds in Australia

Affiliated Managers Group - www.affiliatedmanagers.com.au
AHC Pacific - www.ahcpacific.com.au
AMIST Super - www.amist.com.au
AMP Financial Services - www.amp.com.au
ANZ Australian Staff Superannuation Scheme - www.anzstaffsuper.com
Aon Consulting Pty Limited - www.aon.com.au
Apostle Asset Management - www.apostleam.com.au
ARA Consultants - www.araconsultants.com.au
Asset Super - www.assetsuper.com.au
Asteron Life Limited - www.asteron.com.au
AUSCOAL Services Pty Ltd - www.auscoalonline.com.au
AUSfund - www.unclaimedsuper.com.au
AUST (Q) - www.austq.com.au
Australian Administration Services - www.aas.com.au
Australian Catholic Superannuation and Retirement Fund - www.catholicsuper.com.au
Australian Christian Superannuation Pty Ltd - www.acsuper.com.au
Australian Ethical Superannuation Pty Ltd - www.austethical.com.au
Australian Government Employees Superannuation Trust - www.agest.com.au
Australian Reward Investment Alliance - www.aria.gov.au
AustralianSuper - www.australiansuper.com
Australian YMCA Superannuation Fund - www.ymca.org.au
Austsafe Super - www.austsafe.com.au
The Aviation Industry Superannuation Trust - http://taist.oneclick.com.au
AvSuper Pty Ltd - www.avsuper.com.au
AXA Australia - www.axa.com.au
Barclays Global Investors Australia Limited - www.barclaysglobal.com
BDO, Chartered Accountants & Advisers - www.bdo.com.au
Bendigo Superannuation Plan - https://online1.smf.com.au/bendigosuper/index.jsp
Blake Dawson - www.blakedawson.com
BNP Paribas Asset Management - www.bnppip.bnpparibas.com.au
BOC Gases Superannuation Fund - www.bocsuper.com.au
Bookmakers Superannuation Fund - www.bookmakerssuperfund.com.au
Bravura Solutions - www.bravurasolutions.com.au
BT Financial Group - www.btonline.com.au
Bundaberg Sugar Ltd Superannuation Plan
BUSS (Q) - www.bussq.com.au
CareSuper - www.caresuper.com.au
Catholic Superannuation Fund - www.csf.com.au
Cbus - www.cbussuper.com.au
CCSL Limited - www.ccsl.com.au
Centric Wealth - www.centricwealth.com.au
Certainty Financial Pty Ltd - www.certainty.com.au
Chant West - www.chantwest.com.au
Christian Super - www.christiansuper.com.au
City Super - www.citysuper.com.au
Clarendon Lawyers - www.clarendonlawyers.com.au
Clayton Utz - www.claytonutz.com/areas_of_law/controller.asp?aol=37
Clough Superannuation Fund
Club Plus Superannuation - www.clubplussuper.com.au
Coal Industry Superannuation Board - www.cisf.com.au
Colonial First State Investments Limited - www.colonialfirststate.com.au
Combined Fund - www.combinedfund.com.au
Commonwealth Bank Officers' Superannuation Fund - www.osfsuper.com.au
ComSuper - www.comsuper.gov.au
CONNECT - www.connect-super.com.au
Constellation Capital Management - www.constellation.com.au
Corrs Chambers Westgarth - www.corrs.com.au
Cuesuper - www.cuesuper.com.au
Deloitte Touche Tohmatsu Limited - www.deloitte.com.au
Dimensional Fund Advisors - www.dimensional.com.au
Electricity Industry Superannuation Scheme - www.eiss.superfacts.com
eo Financial Services - www.eofinancialservices.com.au
Equipsuper Pty Ltd - www.equipsuper.com.au
Equity Trustees Limited - www.eqt.com.au
Ernst & Young - www.ey.com.au
ESI Super - www.esisuper.com.au
ESSSuper - www.esssuper.com.au
Fidelity International - www.fidelity.com.au
Financial Synergy - www.FinancialSynergy.com.au
Fire & Emergency Services Super Fund
First Super - www.firstsuper.com.au
Fortis Investments - www.fortisinvestments.com
Freehills - www.freehills.com
FSP Super Fund - www.fspgroup.com.au
FSS Trustee Corporation - www.firststatesuper.com.au
FuturePlus Financial Services Pty Limited - www.futureplus.com.au
Garnet Superannuation Fund
GMO Australia Limited - www.gmo.com
Government Employees Superannuation Board - www.gesb.wa.gov.au
Greenfields Financial Services Lawyers - www.greenfieldslawyers.com.au
Grosvenor Pirie Management Limited - www.gpml.com.au
Harwood Superannuation Fund
Health Industry Plan - www.hipsuper.com.au
Health Super Pty Ltd - www.healthsuper.com.au
Home Wilkinson Lowry Lawyers - www.hwl.com.au
HOSTPLUS - www.hostplus.com.au
HSBC Australia - www.hsbc.com.au/globalinvestments
Hyperion Asset Management - www.hyperionam.com.au
IAG & NRMA Superannuation Plan - www.IAGNRMA.superfacts.com
IFAA - Independent Fund Administrators & Advisers - www.ifaa.com.au
Instinet Pacific Ltd - www.instinet.com
Intrust Super Fund - www.intrust.com.au
Invesco - www.invesco.com.au
InvestmentLink - www.investmentlink.com.au
IOOF Holdings Ltd - www.ioof.com.au
The IQ Business Group - www.iqgroup.com.au
IUS Group - www.ius.com.au
Lambda Group - www.lambda.com.au
legalsuper - www.legalsuper.com.au
LG Super - www.lgsuper.org
Local Super - www.localsuper.com.au
LUCRF Super - www.lucrf.com.au
Lutheran Super - www.lutheransuper.com.au
MAP Funds Management Ltd - www.mapfunds.com.au
MARF - www.marfsuper.com.au
Maritime Super - www.maritimesuper.com.au
Marvin & Palmer Associates, Inc.
Master Superannuation Fund - www.mastersuperfund.com
Meat Industry Employees’ Superannuation Fund - www.miesf.com.au
Media Super - www.mediasuper.com.au
Mercer (Australia) Pty Ltd - www.mercer.com.au
Mercy Super - www.sistersofmercy.com.au
MGI Melbourne - www.mgimelb.com.au
Middletons - www.middletons.com
Military Super - www.militarysuper.gov.au
Morningstar - www.morningstar.com.au
MTAA Superannuation Fund - www.mtaasuper.com.au
National Australia Bank Group Superannuation Fund - www.nabgsf.com.au
National Catholic Superannuation Fund - www.ncsf.com.au
National Custodian Services - www.nationalncs.com
Nationwide Superannuation Fund - www.nationwidesuper.com.au
netwealth Investments Limited - www.netwealth.com.au
NGS Super - www.ngssuper.com.au
Nicholas Applegate Capital Management - www.nacm.com
NSW Electrical Superannuation Scheme - www.nesssuper.com.au
NT Superannuation Office - www.nt.gov.au/ntt/super
OAMPS Ltd - www.oampssuper.com.au
Oasis Asset Management - www.oasisasset.com.au
Perpetual - www.perpetual.com.au
Pillar Administration - www.pillar.com.au
PIMCO Australia - www.pimco.com
Pitcher Partners - www.pitcher.com.au
Plan B Trustees Limited - www.planbonline.com
Porterallen Pty Limited - www.porterallen.com.au
PricewaterhouseCoopers - www.pwc.com.au
Prime Super - www.primesuper.com.au
Professional Financial Solutions Pty Ltd - www.pfsnet.com.au
Progressive Superannuation - www.progressive.com.au
Qantas Superannuation Plan - www.qantassuper.com.au
QIC - www.qic.com
QIEC Super Pty Ltd - www.qiec.com.au
QSuper - http://qsuper.qld.gov.au
Quadrant Superannuation - www.quadrantsuper.com.au
Rei Super - www.reisuper.com.au
REST Superannuation - www.rest.com.au
Retirement Benefits Fund Board - www.rbf.com.au
Rice Warner Actuaries - www.ricewarner.com
Russell Investments - www.russell.com.au
SA Metropolitan Fire Service Superannuation Fund
SAS Trustee Corporation
Savings & Loans Credit Union (S.A.) Limited - www.savingsloans.com.au
Schroder Investment Management - www.schroders.com.au
Sequential Project Services - www.sequential.com.au
Skandia - www.australianskandia.com.au
SMF Funds Management Limited - www.spectrumsuper.com.au
SPEC Super - www.specsuper.com
Statewide Superannuation Trust - www.statewide.com.au
Strategic Capital Management - www.scmonline.com.au
Sunsuper - www.sunsuper.com.au
Super SA - www.supersa.sa.gov.au
SuperChoice - www.superchoice.com.au
SuperEasy P/L - www.supereasy.com.au
Superpartners Pty Ltd - www.superpartners.com.au
SuperRatings Pty Ltd - www.superratings.com.au
Tasplan - www.tasplan.com.au
Telstra Super Pty Ltd - www.telstrasuper.com.au
Thunderhead - www.thunderhead.com
TIC Super - www.ticsuper.com.au
TOWER Australia - www.toweraustralia.com.au
Tranzact Superannuation Services - www.tranzact.com.au
Trinity Consolidated Group - www.trinity.com.au
Trust Company of Australia Super Fund - www.trust.com.au
TWUSUPER - www.twusuper.com.au
UCSuper - www.ucsuper.com.au
Unilever Super - www.unileversuper.com.au
UniSuper Limited - www.unisuper.com.au
Vanguard Investments Australia Ltd - www.vanguard.com.au
Victorian Independent Schools Superannuation Fund - www.vissf.com.au
Virgin Super - www.virginmoney.com.au/super
Vision Super Pty Ltd - www.visionsuper.com.au
Vontobel Asia Pacific Ltd - www.vontobel.com
WA Local Government Superannuation Plan - www.walgsp.com.au
Water Corporation Superannuation Plan - www.watercorpsuper.com.au
Watson Wyatt Australia Pty Ltd - www.watsonwyatt.com.au
Westscheme - www.westscheme.com.au

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