The new Yoursuper comparison tool helps take the guesswork out of an often-overlooked topic. See how it can work for you.
Checking up on your super isn’t the most interesting (or common) task. It’s not something we’re taught about much in school – odds are you just stuck with whatever you were given with your first part-time job and haven’t given it any thought apart from when you change jobs. Comparing superfunds isn’t particularly easy, but a new government tool aims to make it simpler and potentially save you thousands of dollars.
Yoursuper is a new, free online tool that will help you compare superfunds. The basic version compares 80 different superfunds, many of which are default options that Australians are generally put into at their first job. This is a good way to get an overview of what common superfunds offer, though the tool doesn’t include insurance prices that vary from fund to fund. If you access the tool through your Mygov account, you can view a personalised version that takes your fund and circumstances into account.
Yoursuper lists a "six-year net return". This is the amount of money you’ll have in the fund after all fees, taxes, insurance and other costs. In future, funds will be assessed over eight years rather than six. For now, the tool lists the most common superfunds, so it’s great for people who don’t normally think about their investment options. From 2022, it’ll include less common superfunds that are considered aggressive, defensive and high-growth, so people who are more interested in where and how they invest their super can make more informed decisions.
From September, Yoursuper will also list the performance status of each superfund, so you’ll know which ones are performing well or poorly. It’s a great way for anyone who finds their fund or investing confusing to take more control of their money and potentially save thousands of dollars.
If you’re considering switching your fund after some research, it’s best to seek financial advice and weigh up all your options. The information on Yoursuper is a helpful starting point and helps compare dozens of funds at face value, but it’s best to make an informed decision before you switch.
You can access the Yoursuper tool here.