Rachel Evans
Australian Catholic Super has a proven history of strong investment returns, with competitive fees and solid long-term investment returns. In 2024, it was ranked among the top 10 super funds by SuperRatings. When compared to AustralianSuper, Catholic Super has higher percentage-based fees but a similar flat fee. AustralianSuper received a higher insurance rating of 68, while Catholic Super received a rating of 63.
| Characteristics | Values |
|---|---|
| Investment returns | Above average |
| Fees | Competitive |
| Profits | Go back to members |
| Rating | Issued by SuperRatings Pty Ltd |
| Insurance cover | Life cover and TPD insurance |
| Insurance rating | 63 (Omnilife rating) |
| Performance | Passed the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA) |
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What You'll Learn
Australian Catholic Super's performance and fees
Australian Catholic Super has a proven history of strong investment returns. Based on the SuperRatings 10-year comparison to 30 June 2024, Catholic Super delivered investment returns above the average super fund. The fund has passed the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA).
The fund's fees are competitive, which means more money goes towards the member's super. Catholic Super has an asset-based admin fee of 0.22% and a combined insurance premium and flat admin fee of $201. Its percentage-based fees are 0.81%, and its flat fee is 52.
A Transition to Retirement Income account is available for those approaching retirement. This account allows for reduced working hours and tax while continuing to grow your super with maintained income. A Retirement Income account can also provide regular income payments to support you when you fully retire. This account can work alongside the Government's Age Pension, with the frequency and amount of payments tailored to your needs.
Compared to AustralianSuper, Catholic Super has higher percentage-based fees and the same flat fee. AustralianSuper received an insurance rating of 68, while Catholic Super received a 63.
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How it compares to AustralianSuper
When comparing AustralianSuper and Catholic Super, there are several key factors to consider, including performance, fees, insurance offerings, and industry recognition.
Performance-wise, both AustralianSuper and Catholic Super have demonstrated strong long-term investment returns. According to the SuperRatings 10-year comparison to 30 June 2024, Catholic Super delivered investment returns above the average super fund. AustralianSuper has also been recognised for its performance, ranking within the top 10 super funds by SuperRatings in 2024 and receiving the Retirement Offering of the Year award in 2016.
In terms of fees, AustralianSuper has an annual percentage-based fee structure, with a 0.67% investment-based fee and a flat fee of $52. Catholic Super also charges percentage-based fees of 0.81% and a flat fee of $52. Lower fees are advantageous as they result in more money being retained in the member's account.
Insurance offerings are another important consideration. Based on ratings from Omnilife, AustralianSuper received an insurance rating of 68, while Catholic Super received a slightly lower rating of 63 for its insurance options. This indicates that AustralianSuper may offer more comprehensive insurance coverage.
Both AustralianSuper and Catholic Super have their strengths and unique features. AustralianSuper stands out for its insurance offerings and industry recognition, while Catholic Super shines with its competitive fees and strong long-term investment returns. Ultimately, the choice between the two depends on an individual's financial goals, risk tolerance, and specific needs.
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Its insurance options
Australian Catholic Superannuation offers three types of insurance: income protection, total and permanent disablement cover, and life insurance.
Income protection insurance pays a monthly income while the policyholder is unable to work due to illness or injury. This is paid for a maximum time period, which can be changed to suit the policyholder's requirements.
Total and permanent disability (TPD) insurance pays a lump sum if the policyholder suffers an illness or injury that means they are unlikely to ever work again.
Death cover, including terminal illness, pays a lump sum to the policyholder's beneficiaries if they die or suffer a terminal illness. Death and TPD cover are available as either a fixed-dollar amount or in units.
It is important to note that the level of cover and type of benefits may be limited with Australian Catholic Superannuation's life insurance. Additionally, if a policyholder changes funds or stops contributing, their coverage may be cancelled, and tax may be payable on some benefits.
Based on ratings from Omnilife, Australian Catholic Superannuation received a rating of 63 for its insurance options, while AustralianSuper received a rating of 68.
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Its investment returns
Investment Returns
Australian Catholic Superannuation has delivered strong investment returns over the last decade, outperforming the average super fund. The organisation has received a Platinum Performance rating for more than 15 consecutive years, underscoring its ability to generate robust returns.
The investment returns are net of tax and investment fees, reflecting the effective return on opening account balances invested in the portfolio option for the full period. Returns are calculated using hard close unit prices, which incorporate updated valuations of Fund investments. It's important to note that prior performance does not guarantee future results, but understanding historical performance can offer insights into potential future trends.
Australian Catholic Superannuation offers a range of investment options, including Superannuation, Pension, and Transition to Retirement plans, each with different tax treatments and potential investment returns. The investment options have been renamed to better reflect the level of risk and potential returns, with options ranging from "Growth" to "Capital Stable."
Members can review the historical and current financial year investment returns for each of these options to make informed decisions. Additionally, the Catholic Super comparator tool allows for comparisons with other super funds in areas such as investment performance, fees, insurance, and member services.
SuperRatings, an independent company, provides a comprehensive fund rating system for over 200 funds, helping individuals make decisions about their superannuation. Chant West also offers ratings and research, providing insights into superannuation investment performance. These independent sources recognise the strong long-term investment returns offered by Catholic Super.
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Its Transition to Retirement Income account
Australian Catholic Super members benefit from a combination of great returns and competitive fees. The fund has delivered strong investment returns over the last decade, and its efforts have been recognised by the industry with a Platinum Performance rating for more than 15 years in a row.
A Transition to Retirement Income account gives you flexibility as you begin to move into retirement. It allows you to scale back your work hours, reduce your tax, and continue to grow your super while maintaining your income.
With a Transition to Retirement Income account, you can work fewer hours while still contributing to your super. This type of account is ideal for those who want to reduce their work hours without sacrificing their income. You can also use this account to reduce your tax liability and ensure that you have a steady income stream during retirement.
A Retirement Income account can provide regular income payments to support you when you fully retire. This account can work alongside the Government's Age Pension, and you can tailor the frequency and amount of your income payments to suit your retirement lifestyle.
Catholic Super is a profit-to-member industry fund, which means that all profits are used to benefit its members. With lower fees, more of your money stays in your account for the future.
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Frequently asked questions
According to a SuperRatings 10-year comparison to 30 June 2024, Catholic Super has delivered investment returns above the average super fund. It has also been recognised for over 15 years of outstanding value and strong long-term investment returns. In 2022, Catholic Super passed the Performance Test of the Australian Prudential Regulation Authority (APRA).
Catholic Super has competitive fees, meaning more money goes towards your super. For example, AustralianSuper has an investment-based fee of 0.67%, while Catholic Super's fee is 0.81%.
Insurance fees will affect super balance, so it is important to consider insurance when comparing super funds. Based on ratings from Omnilife, AustralianSuper received an insurance rating of 68, while Catholic Super received a 63 for its insurance options.
AustralianSuper was ranked higher than Catholic Super in 2024 by SuperRatings. However, in 2022, AustralianSuper was ranked 13th and Catholic Super 11th.
