Opinions on Superannuation change, and what do you look for in Super?
Okay so like quite a few on here, I took the offer for opening a Australian Super account for the QFF points. Now I am having a look at whether they are worth swapping too.
I am currently with Intrust Super, was my first Super account when I started working in bars, now it has $77k in it.
Intrust Charge: 0.84% Investment fees, $1.75/week in Admin fees, and 0.15% in Indirect Admin fees.
Australian Super: 0.66% Investment fees, and $2.25/week in Admin fees.
So alone this makes it $646.80 in fees for Intrust and $508.20 for Australian Super.
I also have Death, TDP and Income Protection with Intrust. $300k Death, $300k TDP, and 21 day/90% pay Income Protection. This comes to $616 a year in premiums.
Equivalent insurance with Australian Super would come too $686 a year. But if I become more reasonable with insurance, and drop the death to $100k (32yo, single, no dependents), leave $300k TDP and change Income Protection to 60 days waiting (I have 10 weeks of sick pay built up), the total insurance premiums come down to $397 a year.
So total fees and premiums for Intrust are $1469.30 a year, whereas with lesser insurance with Australian Super would be $1022.20 a year.
The returns for the investments choice looks like this
Intrust Australian Super
1yr 6.15% 11.08%
3yr 9.35% 9.30%
5yr 8.46% 10.51%
7yr 8.46% 9.92%
10yr 8.97% 7.31%
30 year average for Australian Super for Balanced is 9.71% which is pretty good. No equivalent data for Intrust.
What do you guys think? Swap or stay? And what do you look for in a Super company? Pure returns, etc?