Comparing AusSuper and Aware Super

Aware Super and AusSuper, both Australian superannuation funds, offer their members options for retirement savings and investments.

Key comparisons below:

  1. Size: Aware Super is the larger of the two funds, with around $150 billion in assets under management, while AusSuper has around $140 billion.
  2. Membership: Aware Super has a larger membership base, with over 2 million members, while AusSuper has around 1 million members.
  3. Investment options: Both funds offer a range of investment options, including diversified options, socially responsible investment options, and pre-mixed options.
  4. Fees: Both funds charge fees for their services, including administration fees and investment fees. The specific fees charged by each fund will depend on the investment option chosen and the amount of money invested.
  5. Insurance: Both funds offer insurance options, including life insurance, total and permanent disability insurance, and income protection insurance.
  6. Performance: The investment performance of each fund will depend on a range of factors, including the investment options chosen by individual members. Overall, both funds have a good track record of delivering solid investment returns to their members over the long term.

History and Background

Aware Super was previously known as First State Super, and was established in 1992 as a not-for-profit superannuation fund for New South Wales public sector employees. Over time, the fund grew to include members from other industries and states, and changed its name to First State Super in 2012. In 2020, the fund rebranded again as Aware Super, reflecting its commitment to environmental and social responsibility.

AusSuper, on the other hand, was established in 2005 as a result of the merger between the Australian Reward Investment Alliance (ARIA) and the Commonwealth Superannuation Scheme (CSS). The fund is now one of the largest superannuation funds in Australia, with a diverse membership base that includes current and former public sector employees, defence force members, and employees of some private sector companies.


Investment Options

Both Aware Super and AusSuper offer a range of investment options to their members, including diversified investment options, socially responsible investment options, and pre-mixed investment options. Each fund also offers a choice of investment strategies, depending on the level of risk and return that the member is comfortable with.

Aware Super’s investment options are managed by a team of in-house investment professionals, who use a range of strategies to achieve long-term returns. The fund’s diversified options include a range of asset classes, such as Australian and international shares, fixed income, property, and infrastructure. The socially responsible investment option, known as the Socially Aware option, focuses on companies that demonstrate strong environmental, social, and governance practices.

AusSuper’s investment options are also managed by an in-house team of investment professionals, who aim to deliver strong long-term returns while managing risk. The fund’s diversified options include Australian and international shares, fixed income, property, and infrastructure. The socially responsible investment option, known as the Socially Aware investment option, invests in companies that demonstrate strong environmental, social, and governance practices.


Fees

Both Aware Super and AusSuper charge fees for their services, including administration fees, investment fees, and other fees such as insurance premiums. The specific fees charged by each fund will depend on the investment option chosen and the amount of money invested.

Aware Super’s fees are generally considered to be competitive, with administration fees ranging from $52 to $78 per year, depending on the member’s account balance. The investment fees charged by the fund also vary depending on the investment option chosen, but are generally below the industry average.

AusSuper’s fees are also generally considered to be competitive, with administration fees ranging from $78 to $130 per year, depending on the member’s account balance. The investment fees charged by the fund vary depending on the investment option chosen, but are also generally below the industry average.


Insurance Options

Both Aware Super and AusSuper offer insurance options to their members, including life insurance, total and permanent disability (TPD) insurance, and income protection insurance. Members can choose to take out insurance cover through their superannuation fund, which can be a cost-effective way to obtain insurance protection.

Aware Super’s insurance options include life insurance, TPD insurance, and income protection insurance. The amount of cover and the premiums charged will depend on the member’s age, occupation, and other factors.

AusSuper’s insurance options also include life insurance, TPD insurance, and income protection insurance. The amount of cover and the premiums charged will depend on the member’s age, occupation, and other factors.


Performance

The investment performance of each fund will depend on a range of factors, including the investment options chosen by individual members.


Summary

In summary, both Aware Super and AusSuper are well-established, reputable superannuation funds that offer a range of investment options and insurance options to their members. While there are some differences between the two funds in terms of size, membership, and fees, both are considered to be good options for Australians looking to build their retirement savings.