Open a New Superannuation Account – Superhero

How do I become a member of Superhero Super?

To become a Superhero Super member you will need to register for an individual account by visiting our website www.superhero.com.au or downloading our mobile app and selecting “Register” and completing the online application form.

What are the benefits of joining Superhero Super?

There are a number of benefits to becoming a member of Superhero Super:

Lower fees : Enjoy lower overall fees and costs than the average super fund.*
Primed for performance: Professionally managed investment options that are optimised for performance by investment experts.
Flexible investment options: Our multiple investment options give you the power and support to create a portfolio that works for your needs and experience.
Superior experience: Manage your super in the palm of your hand with the award winning** Superhero app and get real-time support from an Australian based customer service team.

For more information please read the Superhero Super Product Disclosure Statement.

*Low Fees - Findings based on Superhero’s analysis of SuperRatings’ Fee Report - October 2024, accessed 5 December 2024. Fees for Superhero Super’s Growth and High Growth investment options are in the top quartile based on Total Fees and compared against the SR50 Balanced (60-76) and SR50 High Growth (91-100) Indices respectively. Refer to the Superhero Super PDS for more information on investment options.

²Canstar Most Satisfied Customers 2023 – Online Share trading

**Holding limits apply to investments held by members in Superhero Super.

What are the fees for Superhero Super?

The fees for Superhero Super are made up of an administration fee and investment fee. The administration fee paid by you for Superhero Super is $52 per year regardless of your account balance plus 0.35% of your account balance per year. The investment fees depend on the investment option(s) your super is invested in. Please read the Superhero Super Product Disclosure Statement, Additional Information Guide and Direct Investment Guide for full details of the fees for Superhero Super.

For Superhero MySuper fees please visit https://www.superhero.com.au/superannuation/mysuper.

How does Superhero Super’s performance compare to other funds?

Superhero’s Diversified and Single Sector investment options are managed by global investment leader Mercer, who manages $63 billion in superannuation for over 850,000 Australians across a range of super funds. The investment options offered to you as a member of Superhero Super each have an investment objective and are actively managed by a team of investment professionals who aim to meet or outperform the objective.

How is Superhero Super different to other funds?

There are a few key differences to Superhero Super when compared with other funds. One of the biggest differences is that Superhero Super gives you the flexibility to invest in just one professionally managed, diversified investment option (e.g. High Growth), or select your own investment mix across Diversified, Single Sector, Thematic and Direct investment options.

Our Direct Investment option allows you to invest a portion of your super into individual shares in the S&P/ASX300 Index and a range of over 200 ETFs, LICs and Hybrid securities, all without needing to open a self-managed super fund (SMSF). Superhero Super provides access to these investments with an additional fee of $1 per week and the greater of $2 or 0.10% of brokerage fee per trade is applied each time you buy or sell a direct investment.

For example, a member of Superhero Super in 15 May 2024 with a balance of $50,000 – half of which in the Growth option and the other half held in Direct Investments – would have annual fees paid by the member of just $356.50 plus any brokerage fees or transaction costs incurred through buying and selling investments throughout the year as well as any management fees for ETFs or LICs held as Direct Investments. Other fees and costs may apply. Please read the Product Disclosure Statement before making any decisions.

Superhero Super offers some of the flexibility of an SMSF but doesn’t offer the same pool of investments available. You should consider your personal circumstances before investing or making a decision and if unsure seek help from a professional.

Is there a minimum account balance for Superhero Super?

There is no minimum account balance required to set up a Superhero Super account.

If you wish to set up a Retirement or Transition to Retirement account with Superhero there is a minimum account balance requirement of $20,000.

What is superannuation?

Superannuation is an important mechanism for long term saving for retirement.

If you are age 18 and over (or under 18 and working more than 30 hours per week), your employer is required by law to pay Superannuation Guarantee (SG) contributions (currently 11% of your salary) into your super fund.

What is Superhero’s Unique Superannuation Identifier (USI)?

Superhero Super’s USI is 43 905 581 638 018. You can also find it in the Profile section of your Superhero Super account.

How does the First Home Super Saver Scheme work?

The First Home Super Saver Scheme (FHSS) scheme allows you to make voluntary concessional and/or non-concessional contributions up to $15,000 p.a. (and up to $30,000 across all years) into your super fund to save for your first home. You can start making contributions at any age.

However, to be eligible for this scheme you must:

be 18 years or older;
apply for and receive an FHSS determination from the ATO before signing a contract for your first home or applying for release of your FHSS amounts;
have never owned property in Australia; and
not previously requested the Commissioner to issue an FHSS release authority in relation to the scheme.

More information about the FHSS scheme and how to release your savings is available via the ATO website.

Changes are being made to the First home super saver (FHSS) scheme and will start on 20 September 2024.

Learn more about the changes to the FHSS scheme.

How is Superhero Super different from an SMSF?

Superhero Super operates as an APRA-regulated retail super fund, where your retirement funds, taxation and administration are managed by Superhero on your behalf, whereas with a self-managed super fund this responsibility sits with you and other members of your self-managed super fund. Self-managed super funds provide you with direct control over where your super is invested, but there are additional costs and administration requirements.

For example, a member of Superhero Super on 15 May 2024 with a balance of $50,000 – half of which in the Growth option and the other half held in Direct Investments – would have annual fees of just $356.50 plus any brokerage fees or transaction costs incurred through buying and selling investments throughout the year as well as any management fees for ETFs or LICs held as Direct Investments.

Superhero Super allows you to invest up to 75% of your super in Direct Investment options including ASX 300 shares, and a select range of ETFs, LICs and Hybrids without the need for an SMSF. You can find the full list of available investment options and holding limits in our Direct Investment Menu and Direct Investment Guide.

If you already have an SMSF, you can set up a Superhero account to invest with your SMSF with Superhero. You can do this by logging into your individual Superhero account, going to your Profile and clicking ‘Add New Account’.

Superannuation eligibility

If you are under age 67, you are eligible for both employer and voluntary contributions to super.

If you are aged between 67-74, you must satisfy the work test before contributions can be accepted. To satisfy the work test, you must have worked at least 40 hours within 30 consecutive days in the financial year or meet the work test exemption. To meet the work test exemption criteria, you must have:

satisfied the work test in the income year preceding the year in which you made the contribution;
a total super balance of less than $300,000 at the end of the previous income year; and
not relied on the work test exemption in a previous financial year.

You can also make downsizer contributions if you are 55 or over.

If you are age 75 and over, you are eligible for superannuation Guarantee contributions if you are working and downsizer contributions. You can make a voluntary member contribution if it is received by the Fund within 28 days after the end of the month in which you turn 75 years old.

Please see eligibility for Superhero’s Retirement and Transition to Retirement accounts for more information about accessing your super.