Michael Brooks
Australian Catholic Superannuation, also known as Catholic Super, is an industry super fund. It was originally created for those working in the Catholic education sector, but it is now open to everyone. Catholic Super offers 10 portfolios to choose from and provides default insurance cover to eligible members with no medical exams. The fund has recently undergone a merger with UniSuper, and previously with Equip Super. Reviews of Catholic Super are mixed, with some members reporting issues with unwanted insurance policies and difficulties withdrawing their superannuation. However, others praise the fund for its good returns and customer service.
| Characteristics | Values |
|---|---|
| Type of fund | Industry super fund |
| Open to | Everyone |
| Originally created for | People working in the Catholic education sector |
| Membership | Open |
| Investment options | 10 portfolios to choose from |
| Insurance cover | Default insurance cover when joining the fund with no medical exams |
| MySuper products | 2 investment options |
| Annual fee for income protection insurance | $530 |
| Annual fee for life/total disability insurance | $210 |
| Rating | 2 out of 5 stars from 9 reviews |
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What You'll Learn
Catholic Super is an industry fund
Catholic Super has a history of solid, long-term investment returns, and its fees are lower than average, allowing more of members' money to remain in their accounts. The fund offers 10 portfolios to choose from, as well as two investment options that are authorised MySuper products. Members can also choose their own investment options. Catholic Super has received mixed reviews, with some praising its good returns and customer service, while others have criticised its insurance policies and merger with Equip Super.
Catholic Super has been the subject of merger discussions with other industry funds, such as Equip Super, and it has confirmed that it is moving toward a joint venture with this fund. The fund's director and chair, Andrew Fairley, has pledged to put members' interests first during this process.
In summary, Catholic Super is an industry fund with a focus on supporting teachers in Catholic schools and providing solid investment returns and flexible retirement options for its members. It has received varying reviews, and its merger with other funds has been a notable development in the Australian superannuation industry.
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$14.14 $14.95
It was created for workers in Catholic education
Catholic Super is an industry fund that was originally created for workers in the Catholic education sector. It is designed for those working in Catholic education and is now open to everyone to join. It offers 10 portfolios to choose from, and members can benefit from default insurance cover when joining the fund with no medical exams. Catholic Super is a profit-to-member industry fund, meaning that all profits are used to benefit its members.
The fund offers a Transition to Retirement Income account, which provides flexibility for members as they move towards retirement. This account allows members to scale back their work hours and reduce their taxes while continuing to grow their super through regular income payments. Catholic Super also provides a Retirement Income account, which can work alongside the Government's Age Pension and be tailored to suit an individual's retirement lifestyle.
Catholic Super has received mixed reviews online. Some members have praised the fund for its good returns, lack of buy and sell fees, and excellent customer service. However, others have complained about unexpected insurance policies, difficulty withdrawing their super, and a lack of support for families experiencing domestic violence.
In terms of performance, Catholic Super has been rated as having fees slightly above average, with percentage-based fees of 0.81% and a flat fee of 52. It has received a rating of 63 for its insurance options and 2 out of 5 stars from 9 reviews on ProductReview.com.au.
There have been rumours and confirmations of mergers with other funds, including Equip Super and Equipsuper, which may impact the experiences of members.
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It's now open to everyone
Australian Catholic Superannuation is an industry fund that was originally created for workers in the Catholic education sector. However, it is now open to everyone, regardless of their profession or industry. This means that anyone can join the fund and access its benefits.
As an industry fund, Catholic Super is a profit-to-member organisation, which means that all profits are used to benefit its members. This often translates to lower fees, allowing more of your money to remain in your account for future use. Catholic Super also offers a Retirement Income account that 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 needs and retirement lifestyle.
In addition to being open to everyone, Catholic Super also offers a range of investment options. There are two investment options authorised as MySuper products, which are simple and low-fee investment options. If you prefer, you can also choose from 10 different portfolios to invest in. Catholic Super also provides default insurance cover when joining the fund, with no medical exams required.
To join Catholic Super, you can complete an application form on their website, which takes around 10-20 minutes. You will need to provide personal details such as your full name, date of birth, and contact information. You will also need to choose your investment option and insurance cover. Once your application is successful, you will receive your membership details by email, which you can provide to your employer to start paying your superannuation guarantee payments into your new fund.
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It offers 10 portfolios to choose from
Australian Catholic Super is an industry fund that offers 10 portfolios for members to choose from. It was originally created for those working in the Catholic education sector, but it is now open to everyone.
The fund offers a range of benefits, including tax discounts, investment benefits, and discounted insurance cover. It also provides a Transition to Retirement Income account, which gives members the flexibility to scale back their work hours and reduce their tax while continuing to grow their super and maintain their income.
The 10 portfolios available to members include the MySuper option (LifetimeOne), which is currently closed to new members. However, existing members can continue to contribute to this option. Another portfolio is the Australian Catholic Super Australian Shares managed fund, which aims for 100% exposure to Australian equity markets. This fund had a total return of -8.18% over one year and 1.76% over three years, as of September 30, 2022.
The remaining portfolios are not explicitly mentioned, but members can choose based on their investment goals and risk tolerance. It is important to note that Catholic Super is a profit-to-member industry fund, meaning that all profits are used to benefit the members. This results in lower fees and more money staying in the members' accounts for their future.
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It has merged with other super funds
Australian Catholic Super is an industry super fund originally created for workers in the Catholic education sector, but it is now open to everyone. The fund has been involved in several mergers with other super funds.
In 2020, Melbourne-based NGS Super and Sydney-based Australian Catholic Super announced their intention to merge, creating a $15 billion super fund. Greg Cantor, CEO of Australian Catholic Super, became CEO of the merged entity, while Dick Shearman, chair of NGS Super, retained his title.
Catholic Super has also merged with the National Catholic Superannuation Fund (NCSF), a deal which was expected to be finalized by the end of the year of the announcement. The merged funds would have a combined 73,000 members, around $3 billion in funds, and a presence in every Australian state and territory. This merger would allow the funds to better respond to member and employer needs, according to Catholic Super chairman Peter Bugden.
Additionally, there are rumors of a possible merger between Catholic Super and Equipsuper, with the former's director and chair, Andrew Fairley, stepping down. This merger would be the first to use an extended public offer license, allowing the merged entity to maintain two separate brands and leaving the possibility open for other super funds to join in the future.
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Frequently asked questions
Yes, Catholic Super is an industry fund originally created for workers in the Catholic education sector, but it is now open to everyone.
A super fund is a fund that helps you save for retirement.
You can join online by completing an application form on the Catholic Super website. You will need to provide your full name, date of birth, contact information, and other details.
Australian Catholic Super offers default insurance cover when joining the fund with no medical exams. You can also choose from 10 portfolios and opt for income protection insurance and/or life/total disability insurance.
Leaving a super fund can be a lengthy process and may require a fee. You will need to threaten to report them to the Superannuation Tribunal to get your money out.
