IOOF: A Range of Products that Could Suit Your Long-term Saving Plans

IOOF has been part of the Australian community almost as long as the Australian community has been around.

IOOF offer a number of products to help you save for your retirement, including an authorised MySuper product, which provides a single diversified investment option, a default level of insurance and a low-fee structure.

It also have a number of different funds to cater to all types of investors, their Employer Plan - Choice Member fund lets you invest your money the way you want to.

Read on for an overview of IOOF superannuation and pension products.

A closer look at IOOF

The IOOF Group is made up of four financial services divisions: Financial advice, platform management, investment management and trustee services. The IOOF Group is comprised of almost 15 different brands.

Employee Super falls under the platform management and administration branch of the IOOF Group. In total, the IOOF Group is responsible for more than $150 billion in client assets and the IOOF Group are a publically listed company trading in the ASX top 100.

What’s Internet banking like with IOOF?

IOOF offer an online portal for fund members called Portfolio Online. Using Portfolio Online, you can:

view your account balance, transactions, statements, reports and more. When you successfully apply to join an IOOF fund and you have your customer number. Visit the IOOF website to register for Portfolio Online.

What super funds are offered by IOOF?

IOOF offer two types of super fund: the IOOF Pursuit and IOOF Employer Super funds.

IOOF Employer Super Employer Division (MySuper)

The Employer Division (MySuper) fund from IOOF caters to employees of businesses who use IOOF as their default super fund. The MySuper product from IOOF is authorised by APRA and complies with government MySuper regulations.

• Investment options. If you choose to go with the IOOF default investment, you’ll be classified as a MySuper member and your money is invested in the IOOF Balanced Investor Trust.
• Insurance. MySuper members automatically receive Automatic Acceptance Insurance Cover. Insurance premiums attract an additional fee, but can be tax effective when paid from your superannuation fund. Depending on your employer’s level of cover, you may be eligible to receive cover for the following:
  • • • Death
      • Terminal Illness
      • Disability and disablement
      • Income protection
      • Interim accident
• Fees. The following fees may apply: administration fees (based on account balance), insurance premiums, indirect cost ratio (investment fees) fees. Please consult the product disclosure statement for a full list of applicable fees and charges.

IOOF Employer Super Employer Division - Choice Members

If you choose your own investment options and you’re a member of the Employer Division, you automatically become an Employer Division - Choice Member.

• Investment options. Choose to invest in pooled superannuation trusts including premade portfolios or make a selection from a range of managed funds. Choice Members also have a number of direct investment options to choose from including: listed investments, managed investments and term deposits.
• Insurance. You have the option of going with the default level of cover from IOOF (subject to eligibility) or you can customise your insurance cover to suit your needs.
• Fees. Ensure you read the product disclosure statement. Fees can vary between the variations in super plans. Choice Members pay higher admin and investment fees than MySuper Plan Members.

Pursuit Select & Pursuit Focus

You can switch between the two different variations of their Pursuit fund as your personal circumstances change. Pursuit Focus is a basic superannuation product, Pursuit Select gives you more ways to invest your money.

Investment options

IOOF Pursuit Focus offers the choice of mix and matching your investment between up to seven pre-mixed funds to suit your risk profile. Choose to invest you money in:

• Diversified Multi - Conservative
• Diversified Multi - Balanced
• Diversified Multi - Growth
• Sectoral Multi - Fixed Interest
• Sectoral Multi - Australian Shares
• Sectoral Multi - Fixed Interest
• Sectoral Multi - Global Shares.

Pursuit Select gives you more ways to invest your money. As well as diversified and sectoral mixed investment funds, Select members can choose from the following investment options:

• Easy Choice - See above
• Premier Investment Choice - Lower management fees and more options that the Easy Choice investment mix.
• Investor Choice - term deposits, sector and asset class investments.
• Direct Share Choice - Access to listed securities on the S&P/ASX 300.

Cash account

IOOF give you a cash account with your super account. The cash account is used to process all transactions to and from your super account. IOOF’s cash account provides you with a competitive return compared to other cash products.

1. You’re eligible to apply for Death, TPD and Income Protection insurance when you join the Pursuit Focus super fund. Complete the Application for Insurance form to apply for cover within your superannuation fund.
2. Main fees can include the administration fee, an indirect cost fee (investment fee), which varies depending on your choice of investment and group insurance premiums. IOOF Pursuit Select and Pursuit Focus funds charge different administration and investment fees. The product disclosure statement has a full list of fees you’re likely to pay.

What pension accounts are offered by IOOF?

You can open a new pension account as an existing IOOF fund member or as a new member.

Employer Super Pension

• Investment options. Make a selection from the following investment options. Ready made IOOF investment portfolios, choose from a selection of managed funds, invest in listed securities on the S&P/ASX 300 or term deposits.
• Pension payments. Select your pension payment frequency: monthly, quarterly, half-yearly or yearly.
• Minimum investment. You need to contribute at least $30,000 as an initial investment to your Employer Super Pension.
• Fees. Member fees, administration fees and investment fees apply, be sure to check the product disclosure statement for a full list of charges.
• Transition to retirement. You can also apply for a pension account if you’re reached your preservation age and you’re still working.

How do I apply for IOOF super funds?

Complete and send in an application booklet to apply for one of the super pension accounts listed on this page. IOOF offer a 14 day cooling off period during which you can cancel your application for membership without penalty.

Am I eligible for a IOOF pension account?

You can apply for a pension account if you have access to at least $30,000 of non-preserved funds from your super and you’re retired from work.

If you want to apply for a transition to retirement pension account, you must have reached your preservation age, have access to the non-preserved funds to cover the initial deposit and you must still be employed.