legalsuper vs AustralianSuper – These are two well known super funds – but do you know how they differ, or which could be the better fit for you? To make it easy, we’ve compared the key features of both funds side by side.
AustralianSuper is the largest superannuation fund in Australia, and is a not-for-profit fund with an industry membership base. Membership is open to anyone within Australia.
legalsuper is an Industry super fund and is linked to the legal profession. It is a fund with Open membership.
legalsuper vs AustralianSuper: How do fees compare?
When comparing AustralianSuper and legalsuper, AustralianSuper has annual percentage based fees, with a 0.66% investment based fee, compared to legalsuper’s percentage based fees of 1.1%. AustralianSuper has a flat fee of 52, while legalsuper has a flat fee of 67.6.
legalsuper vs AustralianSuper: How does performance compare?
| AustralianSuper | legalsuper | |
| Type of fund | Industry super fund not linked to any specific industry. | Industry fund linked to the legal profession. |
| Members | 2.3 Million | 43K |
| Default Fees (Based on 50K) | $382 | $617.6 |
| Asset Allocation (MySuper option) | AustralianSuper Balanced: International Shares - 28.5% Australian Shares - 23.5% Alternative - 14% |
legalsuper - MySuper Balanced : International Shares - 27.5% Australian Shares - 25.5% Alternative - 21% |
| Performance (MySuper option)* | AustralianSuper Balanced: 1 Year: 7.48% 3 Year: 7.42% 5 Year: 6.48% |
legalsuper - MySuper Balanced : 1 Year: 6.12% 3 Year: 6.94% 5 Year: 5.67% |
| Product Disclosure Statement | AustralianSuper Product Disclosure Statement | legalsuper Product Disclosure Statement |
For a more comprehensive breakdown of perfomance see our AustralianSuper Performance and legalsuper Performance pages.
*Performance as at 31-08-2023.
How does AustralianSuper and legalsuper insurance compare?
Insurance is also an important factor to consider when looking at superannuation options, as some funds may also provide insurance cover – such as life cover and TPD insurance. Insurance fees will affect super balance, so ensuring you’re happy with the deal you have is vital. Based on ratings from Omnilife, AustralianSuper received an insurance rating of 68, whilst legalsuper received a 66 for its insurance options. You can get quotes for insurance that can be funded through your super and apply for the best rated cover for you. This approach will in most cases provide a better outcome than the default insurance cover provided by super funds.
Interested in seeing how AustralianSuper and legalsuper compared to other popular Australian funds? Review My Super provides valuable insights on the best and worst performing super funds. Check out our guide on changing super funds, so that you can make informed decisions on where you invest your money.
Review My Super can review every Super Fund in Australia and can help you understand what YOUR money is doing for YOU!