Get your super on track

1. Provide us with your Tax File Number (TFN)

This will stop you paying a higher tax rate of 47%, rather than just 15% and can be done simply through the CommBank app.1

2. Search for any other super

You can then run an instant online search for any other super you may have.

3. Tell your employer where to pay your super

Get a pre-filled form from NetBank or the CommBank app and email it to your employer so you can see your balance grow.

Saving for your first home?

You can now use your super to help you save more with the Australian government’s First Home Super Saver Scheme.

Find out more

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Protecting your super 

From 1 July 2019, the Federal Government’s Protecting Your Super changes came into effect, aimed at helping ensure super accounts aren’t being eroded by fees and insurance premiums. Here’s a summary of what this means for your super – and what you need to do.

Here's what's changing

  1. Super funds will cancel insurance on inactive accounts.

    If you haven’t received a contribution or rollover to your super account for 16 continuous months or more, your insurance will be cancelled – unless you request to keep it. 

    Find out how to keep your insurance cover with Essential Super

  2. Inactive accounts with low balances will be transferred to the ATO. 

    If your account has been inactive for 16 months and has a balance of less than $6,000, it could be transferred to the Australian Taxation Office (ATO). The first transfer will take place in October 2019.

    How to keep your existing Essential Super account
  3. Fees on low balance accounts will be capped.

    If your super account has a balance under $6,000, fees will be capped at 3% and exit fees will be banned altogether.

Tell me more

Competitive fees

What you'll pay

Essential Super is a MySuper product with competitive fees. If your super is invested in the Essential Super ‘Lifestage’ investment option, you’ll pay: 

  • Monthly fee : $5.882
  • Combined investment and administration fee: 0.75% p.a.
  • Buy / sell spread : 0.15% per transaction
  • Estimated indirect cost ratio: 0.02 – 0.12% p.a.

From 1 July 2019, if your account balance is below $6,000 you will not pay more than 3% of your account balance in administration fees, investment fees and indirect costs per financial year. We will assess whether you have paid more than 3% in fees at 30 June each year, or when you cease to hold a product, and any excess will be refunded to you.

Find out more in our Product Disclosure Statement (PDS) and Reference Guide.

Compare the costs

To help you with comparing fees and costs we have a few examples.

  • If $50,000 of your super is invested in a ‘Lifestage’ option, for that year you will be charged fees between $455.56 and $505.56 depending on the Lifestage option you’re invested in3
  • If $10,000 of your super is invested in a Lifestage option, for that year, you will be charged fees between $147.56 and $157.56 depending on the Lifestage option you’re invested in3

The fees you pay will vary depending on the amount you have invested and on your investment option.3

Find out more in our Product Disclosure Statement (PDS) and Reference Guide.

Find your super

Bring it all together

Once your account is opened, you can search in NetBank or the CommBank app for any other super you may have and view the results in real-time.

If you’d like to, you can then bring your super together4.  This can help you avoid paying multiple fees and make it easier for you to track.

Tell me more

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Know your options

Super that suits your age

When you join Essential Super, you will be opted into the ‘Lifestage’ investment option. We’ll do the hard work for you and automatically adjust your investment mix as you get older. This helps ensure your money is invested appropriately based on your age and how long you have until you retire.

If you’d like to, you can also choose from our three other investment options:

Insurance comes with your account

You’ll receive Death and Total and Permanent Disablement (TPD) cover if you’re under 60 (provided you fund your account within 120 days of opening it).

You can double, halve or cancel your insurance cover anytime in NetBank.

Tell me more

We’re making changes to the Lifestage investment option in March 2019.

Find out more

Important documents and information related to Essential Super

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Understanding super

Super tips for your 20s

It's never too early to think about the lifestyle you want when you retire.

Learn more

Leaving Australia?

Find out what happens to your super when you leave Australia.

Learn more

Take your super to your next job

One thing that doesn’t have to change is your super fund.

Learn more

Things you should know

1 Based on the top marginal tax rate for FY19-20.

2 The amount deducted from your account will be $5 each month, as we give you the benefit of the tax deduction.

3 Additional fees may apply. And, if you leave the superannuation entity, you may be charged a buy/sell spread which also applies whenever you make a contribution, exit, rollover or investment switch. The buy/sell spread for exiting is 0.15% (this will equal $75 for every $50,000 you withdraw). Insurance costs will also apply. Refer to our PDS to find out more. 

4 Before you make a decision on consolidating your super, you should compare the costs, fees, risks and benefits of your other super funds against Essential Super. It makes sense to consider whether you can replace any insurance cover you may lose upon rolling over, potential costs for withdrawing from other super funds as well as any investment or tax implications. You should also decide which super fund you want your employer to pay your future employer contributions to and complete a Super Choice form if necessary.

Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFS) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435 (Essential Super) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (Bank). This document may include general financial product advice but does not consider your individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) and the Reference Guide for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Download the PDS and Reference Guide, or call us on 13 4074 for a copy. The Bank and its subsidiaries do not guarantee the performance of Essential Super and an investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. Where we mention ‘we’, ‘us’ or ‘our’, we mean CFS.