As a profit-to-member super fund, our members are at the centre of everything we do. VicSuper has one in every twelve Victorians as a member, over 243,000 people. We have $20 billion in funds under management so we’re big enough to deliver real value for our members, but not too big that you don’t get the service you need. As one of the fastest growing profit-to-member super funds in Australia#, our size helps us negotiate competitive terms for services like insurance and operate efficiently to keep our fees competitive.
# APRA Fund Level 30 June 2017 data. VicSuper is in the top 20 Profit to Member funds experiencing FUM growth from the previous year.
With our focus on members, being a profit-to-member fund means that our profits are placed in a reserve for our members’ benefit, rather than being paid out to shareholders. With this reserve we can create new products and services that aim to improve our members’ lives in their retirement, or we can look to reduce our costs.
A great example of this is our latest announcement that we're reducing the percentage component of our administration fees as of 1 July 2018, so our members will pay even less for the services we offer.
Our philosophy is simple – our services are centred around guiding and coaching our members towards better outcomes. Our advice services on your super account (through salaried financial planners), award-winning online coaching service, Beeline, and our new member app all provide the tools you need at no extra cost to help you get better outcomes. It’s why we’ve won Member Services of the Year back to back and Best Advice Offering 2018 from Conexus Financial and Fund of the Year for Member Services from Chant West.
Fees get a lot of air time, and rightly so. What matters is the growth in your super account after fees and charges. It’s why, from 1 July this year, we’re lowering the percentage component of the administration fee in our VicSuper FutureSaver product from 0.28% p.a. to 0.19% p.a. and from 0.28% to 0.22% in our VicSuper Flexible Income product. You can find out more about our current fees
to 30 June this year.
We're positioning our investment strategy to contend with future market environments and deliver consistent outcomes for our members. And because we’re concerned about climate change and believe we have a responsibility to our members to manage climate change risk, we carefully consider the environmental, social and governance performance of the companies we invest with. It's great to know we’ve been identified as a leader by the Responsible Investment Association of Australia*.
*Super Fund Responsible Investment Benchmark Report 2018
We believe that our commitment to member value is best-in-class. The ratings agencies seem to agree.
We're one of only seven super funds in Australia to be rated 5-Stars by Canstar, Australia’s biggest financial comparison site for Outstanding Value when considering investment performance after fees, insurance premiums and services offered to members.
We’ve been awarded the top rating (Platinum) by SuperRatings and the highest possible rating (5 Apples) by Chant West.
We’ve won awards this year with Conexus Financial for Best Member Services and Best Advice offer — and just recently we won Best Fund Member Services Australia wide at the Chant West Awards.
Check out our other awards
Insurance is a valuable part of your super account and because of our scale we can negotiate better terms and premiums than you’re likely to find outside of super. We regularly review our service to members to find ways to lower costs and deliver value. Last year we undertook an extensive review of our insurance arrangements and as a result we’re pleased to announce that MetLife will be our insurer from 1 July 2018. We believe this will provide our members with better, cheaper insurance. Find out more
You shouldn’t have more than one super account unless you choose to do so. We’ve long been advocates of consolidation and actively encourage our members through our ongoing communication to bring all their super accounts together. Our members can consolidate in minutes either over the phone or online.
We know it can be challenging working out what’s right for you. If you want to talk, reach out and give us a call on 1300 366 216.
Helping people get better outcomes is why we’re here.