June 28, 2024

How is Superhero Super different from an SMSF?

Superhero Super is a superannuation fund that gives you the ability to invest your super in several investment options. Given this, some may compare it to an SMSF.

By Stella Ong

Home > Blog > Super > How is Superhero Super different from an SMSF?

Superhero Super is a superannuation fund provider that offers you the ability to invest your super in a wide variety of investment options, including shares in the ASX 300, and a select range of ETFs, LICs and Hybrids.*

For those unfamiliar with how superannuation providers such as Superhero Super work, understanding the distinctions between our product and a Self-Managed Superannuation Fund (SMSF) may be of interest.

Let’s take you through.

Superhero Super vs. SMSF

Superhero Super operates as an APRA-regulated retail superannuation fund, where your retirement funds, taxation and administration are managed on your behalf. Some other established APRA-regulated superannuation funds you may be familiar with include AustralianSuper, Aware Super and Hostplus.

In contrast to this, self-managed superannuation funds (SMSFs) are private superannuation funds that individuals or a group of individuals can choose to create to manage their retirement funds. SMSFs are typically established by a small number of members, often family members. 

With SMSFs, the responsibility sits with you and other members of your SMSF to handle the fund’s day-to-day operations, investment decisions and compliance with superannuation laws. Self-managed super funds provide you with direct control over where your super is invested, but can be at the cost of higher fees and administration requirements.

Costs of Superhero Super vs. Costs of an SMSF

Using the latest data published by the Australian Taxation Office (ATO), the average total expenses of running an SMSF adds up to $15,507, regardless of balance. Running an SMSF means you may have to take into account your insurance premiums, auditor fees, management and admin expenses and several others.

In comparison, Superhero Super charges a fixed administration fee of $52 per year per member (that’s $1 per week). For balances up to and including $1,500,000, there is also an asset-based administration fee of 0.35% per annum. 

Do note that you may also be subject to other fees, such as insurance premiums, brokerage fees and investment management fees, depending on the types of investments you choose and whether you opt out of insurance covers. 

What is Superhero Super?

Superhero Super offers you accessibility to a huge variety of investment options without sacrificing affordability. Backed by strong experience, we’re aiming to give you more flex and less stress.

Superhero Super allows you to invest your super in ASX 300 shares and a select range of ETFs, LICs and hybrids without the need for an SMSF.* 

You may also choose to allocate your funds into our professionally-managed investment options, designed to give you the power and support to create a flexible super fund that works for you*. 

Learn more about Superhero Super. 

Can I use Superhero Super if I already have an SMSF?

Superhero allows SMSFs to set up trading accounts

You can do this by logging into your individual Superhero account, going to your Profile and clicking ‘Add New Account’.

Alternatively, an individual also has the option of rolling over their SMSF into Superhero Super. Before making a decision on Superhero Super, please read the Product Disclosure Statement (PDS) and Target Market Determination, found here. 

*Holding limits apply to investments held by members in Superhero Super. 

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