So, you’ve created your budget, set up your bank accounts to implement your savings plan and have your investment strategy ticking along. Now, you’re ready to sort out your super. Before you even think about your contributions strategy , you start with evaluating your current super fund. Is it the right one for you? You've decided the best way to answer this question is to compare super providers.

And that decision has led you here.

We know super is complicated, and understanding it enough to compare super providers properly isn’t easy. That's why we want to equip you with the right information to help you make the right choice for you. So, let’s get to it.

Why you should compare super providers

Your super can be your lifeline in retirement. It provides you with a source of income to support your lifestyle after you leave the workforce. Sounds pretty important, right? So, you want to make sure your money is in the right place.

Maybe your super is scattered across multiple super funds from changing employers over the years. Maybe the super fund you chose when you first started working just isn’t cutting it anymore. Or, maybe your values and priorities have changed. Whatever the case, you can do something about it now. You can take back control over your super and compare super providers to find the one that’s right for you.

Types of super funds

At the time of writing, there are around 155 super funds (with more than seven members) in Australia. That’s a lot of super funds to compare! These funds are spread across different categories that serve different purposes.

Here’s a summary of the types of funds:

• Corporate: set up by larger companies specifically for their employees.
• Industry: run to profit their members.
• Public sector: run specifically for government employees.
• Retail: run by banks or investment companies and generate profit for shareholders.
• Self-managed: run by an individual or group of individuals to manage their own super.

You can find more information on the types of super funds on the SuperGuide website .

When you compare super providers to help you choose, you’re likely to focus on the two most common types – industry and retail. Each of these super fund types have different features, benefits, and costs to consider in your comparison.

Finding your best fit

Choosing a super fund is a significant financial decision. It’s an asset that will (hopefully) stick with you for the rest of your life. That’s why selecting the right fund for you is so important.

Some super funds cater to specific industries and professions like nursing, teaching, construction, or hospitality. Other funds focus on values investing, such as ethical super funds. You’ll also find funds exclusively for women, addressing the unique challenges women face in their finances.

As you compare super providers, consider your life circumstance, preferences, and values to choose a fund that aligns with you.

Factors to compare super

Another thing to consider as you compare super providers are factors such as performance, fees, investment options, insurance, and other services.

• Performance: you can look at the investment returns of the super fund (per investment option; more on that below) over time.
• Fees: like investment managers, super funds charge different fees to operate the fund such as administration or transaction fees. Consider how these will impact your investment returns.
• Investment options: funds provide different investment options to choose from (e.g. growth, balanced, conservative, ethical) to suit your investing style.
• Insurance: most funds typically provide life; total and permanent disability; and income protection insurance. The amounts, rates, and terms and conditions vary between super funds.
• Other services: funds can offer additional services such as financial advice, educational resources, and events to support members.

Helpful resources to compare super funds

As you can see, there are many factors to consider when you compare super providers. Your existing super fund may provide calculators and tools to help you compare super options. However, you can also use these helpful resources:

• Australian Taxation Office’s YourSuper comparison tool
• MoneySmart’s information on choosing a super fund
• SuperRating’s Top 10 Super Funds list

Other comparison websites include Canstar , RateCity , and Chant West . Keep in mind that these comparison tools may not be completely impartial. While they provide a useful overview, it’s also a good idea to supplement this with your own research.

Happy comparing!