WA Super News
The Banking Royal Commission
The Banking Royal Commission
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has generated a lot of disturbing news in the financial services sector. While we have had very few questions or concerns from our members and employers, we feel it’s a timely opportunity to reconfirm our position to you in case your employees have questions about why WA Super is their default fund.
What does WA Super stand for?
We are a not-for-profit super fund that commenced back in the early 1980s. We are classified as an industry super fund from our history in Local Government and have now evolved to being open to anybody to join from within Australia. Our Board includes representatives from Local Government, union member bodies and independent experts so you can be assured we have our member’s best interest at heart in all that we do.
As a not-for-profit super fund, any profits we make are reinvested back into the Fund in the form of improved services or lower fees for members.
Our purpose is to help our members achieve their retirement dreams and we endeavour to accomplish this by providing highly competitive investment returns, efficient administration services and digital and onsite educational and advice services for members so that they can focus on getting on with their life knowing their super is in safe, expert hands.
Services we offer
WA Super offer members access to a range of free and fee-for-service advice services to help members achieve their retirement dream.
Simple Super Advice is a new, free, service for WA Super members. It is available over the phone or in person and aims to better educate our members so that they can make more informed decisions on investment options and optimise any additional super contributions.
At WA Super our members have access to high quality in-house financial advice on a fee-for-service basis. The initial consultation is at no charge, after which a scope and quote is provided before proceeding any further.
As a not-for-profit fund we endeavour to keep our fees as low as possible. Our administration fees are $1.40 per week and 0.08% pa on the account balance, and our investment fees vary with the investment option chosen. As you can see in the graph below we pride ourselves on being able to offer members access to a super offering at a low cost.
Source: SuperRatings SMART Fees. *Average Annual Fees include all administration and Investment fees calculated on a $50,000 account balance.
Our investment philosophy is to keep your retirement savings safe but we need to take risks to increase your wealth. We believe that investing in a diversified portfolio of assets allows us to avoid extreme highs and lows in investment performance. We look for sustainable yet reasonable performance in times of strong market growth, and aim to minimise members’ losses while markets are weaker and volatile.
Members can choose from a range of investment options to build their own portfolio of assets or they can leave it to us and choose a diversified option.
WA Super’s investment returns are very competitive compared to all other super funds. Check out our one year performance against our peers below. You can view longer term performance here.
Source: SuperRatings Crediting Rate Funds Survey. Investment performance is net of all administration and investment fees and taxes.
The above graph compares each WA Super investment option against their respective SuperRatings investment option category. The MyWASuper is our default investment option and is compared against all other ‘Balanced’ investment options.