Are you a citizen of Australia? Or are you an employee? Then this blog is a must to read for you. Indeed, this blog is going to be super informational so be with us till the end. In this article, we are going to discuss about Australian retirement trust which is mandatory for each and every person. Moreover, we delve into all the necessary information regarding this platform. We know that you have a lot of questions what is it? And what are the benefits? Wait, we will provide you with all the answers to your questions. Let’s begin this article.
What is an Australian retirement trust?
Australian Retirement Trust is the super fund founded on 28 February 2022. Thereafter, it is headquartered in the Brisbane, Queensland, Australia. In addition, it is formed through the merger of the Sunsuper and QSuper company. Furthermore, they take care of over $200 billion in retirement for more than two million members. Hence, it makes it one of the largest super funds in Australia.
Fees of Australian Retirement Trust
The annual administration fee for the Australian Retirement Trust’s Lifecycle Investment Strategy product is $443. However, this fee is what you pay each year to cover various expenses related to managing your retirement savings. Also, it includes things like administrative costs, fees for managing your investments, and the costs associated with buying and selling assets within your portfolio. So essentially, it’s the fee you pay for the service of having your retirement savings managed by the ART.
Insurance
The Lifecycle Investment Strategy product from the ART comes with default insurance coverage. However, it depends on your age and the amount of money you have in your account. Definitely, the insurance includes coverage for death and total permanent disability.
The insurance amounts can range from $16,000 to $250,000, and the specific amount you get depends on your age. However, it is important to note that this default coverage does not automatically include income protection. But, it covers you in case you can’t work due to illness or injury. In addition, if you want income protection, you can choose to add it based on your individual needs. Basically, the insurance provides financial protection for certain situations and coverage levels. However, it depends on your age for death and total permanent disability insurance.
Financial advice
When you sign up for the Australian Retirement Trust. Whether it’s for the QSuper Lifetime or the Lifecycle Investment Strategy product. However, there are some advisory services included, but they are limited. Specifically, you’ll receive guidance related to your MySuper plan.
However, if you want advice about your overall financial situation, beyond just your superannuation plan. However, there may be an extra cost associated with that. In other words, you can get some help with your retirement savings plan as part of the package. But, if you want broader financial advice, you might need to pay an additional fee.
ESG Identifications
The ART recognizes the growing interest in ethical investing among Australians. Whereas, it may not have received as many awards as some other funds in the industry. It does provide a socially responsible investment (SRI) option for its members.
This SRI option is a separate choice that members can make, rather than being automatically included in the main investment offering. The SRI option is designed to avoid investments in industries like fossil fuels, gambling, and adult entertainment. Indeed, it aligns with socially responsible and ethical principles.
Additionally, the Australian Retirement Trust has a specific climate change policy. This policy is distinct from its Environmental, Social, and Governance (ESG) policy. Basically, the fund has taken steps to offer ethical investment choices. However, it has verbalized separate policies addressing climate change and broader ESG considerations.
Customer Service of Australian Retirement Trust
The customer service options at the ART are a bit limited. However, you won’t find a live chat feature or a customer service phone line available outside of regular business hours or on weekends. If you need to call, you can do so only on weekdays, Monday to Friday, between 8 am and 6 pm.
However, they do offer an email option for inquiries, which means you can send them an email at any time. After that, they will get back to you when they’re back in the office. Hence, while the phone support has specific hours, you have the flexibility to send them an email whenever you need assistance.
Conclusion
In conclusion, this platform plays a vital role whether you are working or retired. Moreover, the platform ensures members that they are secure. However, it gives the members confidence about their funds. However, if you have any concerns they have limited customer support. In addition, if you want to resolve your concern then you have to contact them on weekdays via call or Email. After that, if you are concerned about the insurance, then we have talked about it earlier in the above. Hence, we have discussed a lot we hope that this article content is beneficial for you.
