AUSfund is a special type of superannuation fund known as Eligible Rollover Fund (ERF). Its purpose is to look after money transferred from other regulated superannuation funds because a member has become ‘lost’ or ‘inactive’.
More than 35 super funds transfer their members’ inactive and unclaimed accounts to AUSfund. Your account can become inactive or unclaimed if:
If you did not inform your former super fund of a change to your address, you may not know that you have an AUSfund account as other super funds can transfer members’ funds to an ERF like AUSfund without your prior consent.
Eligible Rollover Funds like AUSfund are a little different from regular super funds:
Contributions: AUSfund cannot accept any member or employer contributions. It can only accept transfers from other complying super funds.
Investment: While your super is with us, we invest your money with the aim of delivering a competitive return with a moderate level of risk. Unlike most super funds we do not offer a choice of investment options. All funds are invested in one pool.
Insurance: AUSfund does not offer any insurance, so we recommend you review your personal insurance needs. If you are a member of another super fund it may be able to provide life, temporary and permanent disability as well as income protection insurance (also known as salary continuance).
AUSfund has been awarded HERON Partnership's 'Top Rated ERF' nine times in the last ten years. This recognises the continued provision of high quality service to the inactive members of super funds.
AUSfund may be a great place to park your super if you are out of the workforce and not receiving contributions. For example, you might be on study leave, working overseas, taking extended maternity leave or only working for short periods during the year.
It should be noted that AUSfund does not provide insurance cover, cannot accept any type of member or employer contribution and does not offer investment choice.
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