"Student Super and Professional Super" is a single super fund marketed under two brands.
The first brand, Student Super aims to address the issues of young people:
working multiple part-time and casual jobs, and having multiple super accounts,
contributing only small amounts into super, and having balances eroded by fees and premiums, and
losing touch with their super.
The Student Super fee structure is designed to protect early super balances with:
Zero fees for balances under $1,000,
50% discount on the flat dollar admin fee for balances between $1,000 and $4,999, and
Standard fees for balances over $5,000.
In addition, the fund does not offer default insurance, which aims to prevent insurance premiums eroding low super balances.
Similar to it's tiered fee structure, the fund's investment offering is structured around the member's account balance. Account balances:
Under $1,500 will be invested in the Cash option,
$1,500 to $4,999 will be invested in the Growth option, and
$5,000 and over will be invested based on the choice of the member.
Under the Professional Super brand, the benefits of the First Home Saver Super Scheme are highlighted, enabling tax effective saving towards a first home.
For further information:
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