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Compare industry super funds

An industry super fund may help you achieve your retirement goals. Compare rates, fees and other benefits of industry funds to find one you can be happy with.

Mark Bristow avatar
Mark Bristow
Home & Personal Finance Editor
Content updated
Product data updated11 Jul, 2025
Fact Checked

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11.50%

10.70%

$487

Lifecycle Investment - High Growth
  • Income protection insurance
More detailsmore-details

10.10%

11.00%

$457

High Growth (Lifecycle investment)
  • Income protection insurance
More detailsmore-details

9.50%

10.00%

$457

Lifecycle Investment - Balanced
  • Income protection insurance
More detailsmore-details

8.40%

10.10%

$422

Balanced (Lifecycle investment)
  • Income protection insurance
More detailsmore-details

6.30%

8.70%

$397

Conservative Balanced (Lifecycle investment)
  • Income protection insurance
More detailsmore-details

4.60%

7.10%

$337

Conservative
  • Income protection insurance
More detailsmore-details

10.90%

11.00%

$356

High Growth
  • Income protection insurance

10.30%

8.90%

$393

Building
  • Income protection insurance

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What is an industry super fund?

you’ve been comparing and researching superannuation funds, you’ve probably come across industry superannuation funds.

First established in the 1980s, industry super funds were intended to protect Australian workers in certain industries from high fees and commission products most commonly found in retail superannuation funds.

Back in the day, industry super funds were usually only open to members who worked in particular industries. These days, the larger industry super funds are open to anyone. However, there are some smaller industry super funds that are still restricted to employees in specific industries.

Unlike retail super funds, industry super funds don’t pay commissions or incentives to financial planners or financial advisers. Industry funds are not-for-profit organisations and are run to benefit members. As profits go back into the fund, industry super funds tend to have lower management fees than other types of retail (or for-profit) super funds. When it comes to governance, industry super funds are usually governed by trustee boards made up of both employers and employees.

Most industry super funds tend to be accumulation funds. Accumulation-style super works similarly to a regular bank account where the balance of your industry super account is built up by the deposits you make into it.

Funds are accumulated into industry super funds by way of:

  • compulsory employer contributions;
  • any additional contributions you make;
  • spouse contributions, or;
  • government co-contributions.

Your super contributions are then invested by your industry super fund into an investment option, either chosen by you, or chosen by your industry super fund as a default investment.

How much money do you get on the pension?

Super, benefits, or both?

What is superannuation?

Superannuation (or ‘super’) is money paid into a specialised fund to go towards your retirement. By regularly investing money in a superannuation fund over the course of your career, you can build up a superannuation balance to enjoy when you retire.

To deal with an increasingly ageing population and reduce reliance on the government pension, superannuation became compulsory in Australia in 1992. Prior to this, retirees were relying on a mixture of their savings and the government pension to maintain a quality of life in retirement.

The current superannuation rate, known as the superannuation guarantee, is 10 per cent, which the government is set to gradually increase up to 12 per cent by 2025.

If you’re an employee, your employer must pay compulsory contributions of at least the superannuation guarantee rate. These contributions come from your pre-tax salary, and are deposited into your nominated super fund, whether it’s an industry super fund or another type. Regardless of whether you’re a full-time, part-time or casual employee, if you fit the criteria, your employer must make compulsory superannuation contributions on your behalf.

In addition to mandatory employer contributions, you also have the option of making voluntary contributions to your super account balance. There are limits to the amount of pre-tax income you can contribute into your super, so check with a financial adviser before you make any additional super contributions.

While superannuation is currently compulsory for employees in Australia, if you’re self-employed, you can still choose to open an industry super fund, but the responsibility is on you to make voluntary contributions to your account.

What is the superannuation guarantee?

How much super are employees entitled to?

Pros and cons of industry super funds

When comparing the benefits and drawbacks of industry super funds, and how they stack up against other types of super funds, like retail or SMSF options, here’s what you need to know:

Pros

  • May suit time-poor workers: Industry super funds may suit Australian workers who don’t have the time or resources to manage their own super.
  • Often have fewer fees: As industry super funds are non-profit, with profits deposited back into the fund to benefit the members, they tend to have fewer fees than retail funds.
  • Simple, no-frills options available: Some industry super funds offer MySuper accounts, which are no-frills options offering lower fees and simple, easy-to-understand features.

Cons

  • May have fewer investment options: Industry super funds may have fewer types of investment options than funds offered by other financial institutions. While this may not be an issue for some people, those wanting more flexibility and diversification in their investment strategy might want to also compare either a retail super fund or a SMSF.
  • May have hands-off advice and assistance: When it comes to advice, financial services and other ongoing assistance, industry super funds tend to be less hands-on than retail funds. That’s not to say you’ll get no support, though if you’re looking for a super fund that offers more advice and interaction, you may want to also investigate other, more hands-on options.

What is salary sacrificing?

Can you afford some extra super?

Which industry fund is best?

Because every Australian is in a different financial situation, and has different goals for their superannuation, there is no single ‘best’ industry super fund to suit everybody.

To find the best industry super fund for you, you may want to consider what you want from your superannuation, and keep this in mind when comparing industry funds. Be sure to consider your current financial situation, as well as your plans for the future, before making any decisions.

For example, if you’re just starting your career, you may be interested in an industry super fund with a growth investment option, in order to rapidly build your super. If you’re closer to retirement, you may be more interested in more conservative investment options that let you preserve the nest egg you’ve already built up. Alternatively, you may prefer an industry fund offering an ethical investment option.

Additionally, industry super funds may offer different fees, insurance options, and other services that may be more or less useful to different Australians. Compare different industry super funds before making a decision, and consider seeking professional financial advice.

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What is the best performing industry fund?

You can use RateCity’s comparison tables to list industry super funds by their performance over the past five years. This gives you an idea of the fund’s recent returns, to help you work out how much your super balance could have grown with this super fund.

However, it's important to remember that a super fund’s past performance is not a reliable indication of its future performance. Additionally, the best performing industry fund may not be the best industry fund for you, as its fees, features and other benefits may not always suit your unique super requirements.

How to compare industry super funds?

With so many different super funds on the market, comparing industry super funds and working out which one may suit your needs can be confusing. When comparing industry super funds, here’s what you need to know:

  • Investment options: Historically, industry super funds have offered fewer options than other types of super funds, but this has changed in recent years. Some people prefer to pick their own investments, so if you want this flexibility, search for an industry super fund that suits your preference.
  • Performance: While past performance is never a reliable indicator of future performance, it can help give you a rough idea of the type of investment returns you might be able to expect from your industry super fund. Compare the past five years of investment performance for different funds to get an idea of where you could potentially stand.
  • Fees and charges: Ongoing costs and maintenance fees can add up over the long term. As industry super funds invest profits back into the fund, this generally means that low-cost industry super funds have low fees and/or charge fewer fees than other retail or for-profit funds. With any superannuation fund, compare the fees and charges to the features and benefits, and consider whether the cost of fees will make an impact on your super balance, so you can be confident you’re getting what you pay for.
  • Insurance: These days, it’s common for super funds to offer insurance as an option within the fund. When you’re comparing industry super funds, check what insurances are on offer and whether the level of cover stacks up to policies held outside an industry super fund. An advantage of holding insurance within an industry super fund is that policies like life insurance, total and permanent disability (TPD) insurance, and income protection insurance are usually discounted. Also, premiums on insurances offered through an industry super fund are usually deducted from your super account, which can be tax effective in some cases.
    Superannuation is a long-term investment designed to support you well into your retirement. Some people can compare super funds and still feel overwhelmed or uncomfortable deciding which fund works best for them and their financial situation. In that instance, a financial adviser or financial planner may be able to help you narrow down your options and provide financial advice. Before making any decisions, it always pays to do your research, read the product disclosure statement (PDS) and compare your options.

How to know if you can afford to retire

Making plans?

RateCity Superannuation Guide

Everything you need to know about superannuation

What is an SMSF trust deed?

If you want to have more control over your retirement savings and how they’re invested, you can consider choosing to set up a Self-Managed Superannuation Fund (SMSF). The SMSF would be used instead of putting your money in an industry or retail super fund.
 
The rules for operating an SMSF are outlined in a legally binding document known as the SMSF trust deed. It lays out the fund's purpose, which should be limited to providing retirement benefits to fund members. An SMSF trust deed also contains: 

  • The names of the members and trustees
  • The procedure for appointing and removing trustees
  • The specific types of investments that the fund can make
  • How the benefits will be paid out at retirement (as a lump sum or in the form of an income stream) 

Once the SMSF trust deed is finalised, an SMSF must be operated according to the procedures laid out in the deed. If the SMSF does not function according to the trust deed, severe penalties may be imposed on the members and trustees of the fund. If the SMSF is audited, the members are required to provide the trust deed to help the auditor check whether the fund's operations comply with the deed or not.
 
If you plan to set up an SMSF, you can purchase a standard SMSF trust deed online. You can also have a financial advisor assist you with the setup and have them draw one up. It’s also essential to review and update your SMSF trust deed from time to time to keep it up to date with any changes to superannuation legislation. If you want to change the SMSF investment strategy or invest in an asset not listed in the trust deed, you’ll need to revisit the trust deed and update the provisions to ensure there is no conflict.

What is an SMSF?

An SMSF is a self-managed superannuation fund. SMSFs have to follow the same rules and restrictions as ordinary superannuation funds.

SMSFs allow Australians to directly invest their superannuation, rather than let ordinary funds manage their money for them.

SMSFs are regulated by the Australian Taxation Office (ATO). They can have up to four members. All members must be trustees (or directors if there is a corporate trustee).

Unlike with ordinary funds, SMSF members are responsible for meeting compliance obligations.

What are the risks and challenges of an SMSF?

  • SMSFs have high set-up and running costs
  • They come with complicated compliance obligations
  • It takes a lot of time to research investment options
  • It can be difficult to make such big financial decisions

What should I know before getting an SMSF?

Four questions to ask yourself before taking out an SMSF include:

  1. Do I have enough superannuation to justify the higher set-up and running costs?
  2. Am I able to handle complicated compliance obligations?
  3. Am I willing to spend lots of time researching investment options?
  4. Do I have the skill to make big financial decisions?

It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.

How do I set up an SMSF?

Setting up an SMSF takes more work than registering with an ordinary superannuation fund. 

An SMSF is a type of trust, so if you want to create an SMSF, you first have to create a trust.

To create a trust, you will need trustees, who must sign a trustee declaration. You will also need identifiable beneficiaries and assets for the fund – although these can be as little as a few dollars.

You will also need to create a trust deed, which is a document that lays out the rules of your SMSF. The trust deed must be prepared by a qualified professional and signed by all trustees.

To qualify as an Australian superannuation fund, the SMSF must meet these three criteria:

  • The fund must be established in Australia – or at least one of its assets must be located in Australia
  • The central management and control of the fund must ordinarily be in Australia
  • The fund must have active members who are Australian residents and who hold at least 50 per cent of the fund’s assets – or it must have no active members

Once your SMSF is established and all trustees have signed a trustee declaration, you have 60 days to apply for an Australian Business Number (ABN).

When completing the ABN application, you should ask for a tax file number for your fund. You should also ask for the fund to be regulated by the Australian Taxation Office – otherwise it won’t receive tax concessions.

Your next step is to open a bank account in your fund’s name. This account must be kept separated from the accounts held by the trustees and any related employers.

Your SMSF will also need an electronic service address, so it can receive contributions.

Finally, you will need to create an investment strategy, which explains how your fund will invest its money, and an exit strategy, which explains how and why it would ever close.

Please note that you can pay an adviser to set up your SMSF. You might also want to take the Self-Managed Superannuation Fund Trustee Education Program, which is a free program that has been created by CPA Australia and Chartered Accountants Australia & New Zealand.

Fact Checked

This article was reviewed by Personal Finance Editor Georgia Brown before it was published as part of RateCity's Fact Check process.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.