How to choose a super fund (without a finance degree)
Updated July 2026
Your super fund manages what will probably become your largest asset — yet most people spend longer choosing a phone plan. The good news: you don't need to compare hundreds of options. You need to get two numbers right and avoid three traps.
The two numbers that matter
1. Total fees (aim under ~1%)
Add the admin fee and investment fee — funds must disclose both. Large industry funds commonly land around 0.5–1.0% all-in; some retail funds charge well beyond that for no better results. Fees compound against you for decades, which is why they're the single most useful comparison point.
2. Long-term returns (7–10 years, not last year)
Ignore one-year league tables. Compare 7–10 year returns for the same investment option type (e.g. "growth" vs "growth"). The government's free YourSuper comparison tool (via ATO/myGov) ranks MySuper products on exactly this and flags funds that failed the annual performance test.
The three traps
- Default insurance you don't need.Life and disability cover is added by default and paid from your balance. Young, no dependants, or leaving Australia eventually? It may be pure drain — review and cancel inside your fund's app if it doesn't fit.
- Duplicate accounts. Each account charges its own fees. Consolidate via myGov → ATO → Super in minutes.
- Set-and-forget in the wrong option.Decades from retirement, an overly conservative "balanced" or "cash" option can cost more than fees ever will. Most young members belong in a growth-style option — that's a personal decision, but check what you're actually in.
A 10-minute checklist
- Open the YourSuper comparison tool and shortlist 2–3 low-fee, performance-test-passing funds.
- Check their 7–10 year returns for your preferred option type.
- Join online (10 minutes), then give the new details to your employer.
- Roll old accounts in via myGov and review the insurance defaults.
Then make sure your employer actually pays into it — check your payslip against the 12% here. On a temporary visa? See what you'd get back when you leave with the DASP calculator.
Frequently asked questions
›What happens if I never choose a fund?
Since 2021, your first fund is 'stapled' to you — it follows you between jobs automatically. That prevents duplicate accounts, but it also means whatever default fund your first employer picked could be your fund for life, fees and all. Ten minutes of choosing can be worth tens of thousands by retirement.
›How much difference do fees really make?
A lot. On a $50,000 balance, the difference between a fund charging 0.6% and one charging 1.5% is about $450 a year — and because that money would have compounded for decades, the lifetime difference can exceed $100,000. Fees are the most reliable predictor you can act on.
›Should I keep the insurance inside my super?
Check what you're paying for. Most funds add life and disability insurance by default, paid from your balance. For young workers with no dependants — and especially temporary visa holders who will leave Australia — this insurance is often poor value and silently drains small balances. You can usually cancel it inside your fund's app.
›I have several super accounts from different jobs. What should I do?
Consolidate. Log into myGov → ATO → Super, see every account in your name, and roll them into your chosen fund in a few clicks. Every duplicate account means duplicate fees and often duplicate insurance premiums. Just check you won't lose insurance you actually want before closing an account.
›I'm on a temporary visa. Does fund choice even matter for me?
Yes, differently. Since you'll likely claim your super as a DASP when you leave (taxed 35–65%), maximising what's left matters: pick a low-fee fund, cancel default insurance you can't benefit from, and keep everything in one account so nothing gets lost when you leave the country.