As a member, you have a choice when it comes to how your retirement savings are invested. You can choose from pre-mixed and single asset class investment options that let you mix and match how your super is invested.
If you don’t make a choice, you’ll be automatically invested in the relevant default strategy or option for your account as follows:
Super accounts: in our Lifecycle Investment Strategy, which is our MySuper product. You can also choose to invest in this strategy at any time.
Pre-retirement pensions: in our Lifecycle Investment Strategy (i.e. 100% in the Balanced investment option).
Account-based pensions: in the Balanced investment option.
Before making an investment choice, you should read our Super Product Disclosure Statement (PDS) or Pension Product Disclosure Statement (PDS).
About our Lifecycle Investment Strategy
Our Lifecycle Investment Strategy (LIS) works by giving you greater exposure to growth assets such as shares in the early stages of your working life, and then reducing this as you get older by increasing your exposure to defensive assets such as fixed income and enhanced cash. This exposes you to greater risk and potentially higher returns when you are young and then aims to reduce volatile investment returns as you get older. Read on for more detail about the LIS.
We offer members the following investment options:
Super investment options
Our Lifecycle Investment Strategy (LIS) works by giving you greater exposure to growth assets such as shares in the early stages of your working life, and then reducing this as you get older by increasing your exposure to defensive assets such as fixed income and enhanced cash. This exposes you to greater risk and potentially higher returns when you are young and then aims to reduce volatile investment returns as you get older. Members in the LIS will be invested in one of the following options, based on their age:
High Growth (under age 50)
Growth (aged 50-54)
Balanced (aged 55 and above)
More information about each of these investment options can be found below.
Read more in our Lifecycle Investment Strategy (PDF) factsheet.
Pre-mixed across asset classes to match different investor risk profiles.
High Growth
| Overview | High Growth accepts higher risk to maximise returns. It invests primarily in shares, that aim to maximise returns by taking greater risk, with a small allocation to defensive assets such as bonds and cash. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for five or more years. |
| More info | Read the High Growth factsheet (PDF) |
Growth
| Overview | Growth aims to optimise the risk and return potential. It invests primarily in shares, that aim to maximise returns by taking greater risk, with some allocation to infrastructure, alternatives and defensive assets. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for five or more years. |
| More info | Read the Growth factsheet (PDF) |
Balanced
| Overview | Balanced aims to provide a balance of risk and return. It invests mainly in shares and fixed income, with a small allocation to property, infrastructure and other alternatives. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for four or more years. |
| More info | Read the Balanced factsheet (PDF) |
Moderate
| Overview | Moderate aims to balance the level of long-term growth potential and investment risk. It invests in a mix of defensive assets (such as enhanced cash and fixed income) and growth assets (like shares and property) with a small exposure to alternative investments and infrastructure. |
| Risk level | Medium to High. |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
| More info | Read the Moderate factsheet (PDF) |
Indexed Defensive
| Overview | Indexed Defensive is a low-cost passively invested option. Indexed Defensive invests the majority of its defensive assets in fixed income and cash and its growth assets in Australian and International Shares. |
| Risk level | Medium to High. |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
| More info | Read the Indexed Defensive factsheet (PDF) |
Defensive
| Overview | Defensive aims for lower short-term risk with moderate long-term growth from shares. Invests primarily in defensive assets, such as enhanced cash and fixed income, that aim to provide lower short-term risk, with some allocation to growth assets like shares and infrastructure. |
| Risk level | Medium. |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
| More info | Read the Defensive factsheet (PDF) |
Secure
| Overview | Secure aims to provide a low to medium risk investment with 90% invested in cash, a defensive asset that has a lower short-term risk but provides low long-term returns. It also invests 10% in Australian shares, which are a growth asset. Please note, although Secure is our lowest risk pre-mixed investment option, it's possible it could generate a negative return, particularly over the short-term. |
| Risk level | Very low. |
| Investment time frame | Suitable for members who want to invest for two or more years. |
| More info | Read the Secure factsheet (PDF) |
Single asset class investment options invest in one asset class only; each with different levels of risk and return potential. They allow you to build your own asset allocation across multiple asset classes.
Australian Shares (PDF)
International Shares (PDF)
Property (PDF)
Bonds (PDF)
Cash (PDF)
Want more details about how these investment options are invested? Find out more.
Effective 20 May 2024, the Term Deposit investment option is closed. If you’re currently invested in this option, your investment proceeds will automatically move into the Cash investment option once matured, which generally takes up to three (3) business days. You can then transfer this money to another investment option if you wish. For more information, read the Significant Event Notice.
Account-based pension investment options
Pre-mixed across asset classes to match different investor risk profiles. A brief overview of each pre-mixed option can be found below, or you can find out more how these investment options are invested here.
High Growth
| Overview | High Growth accepts higher risk to maximise returns. It invests primarily in shares, that aim to maximise returns by taking greater risk, with a small allocation to defensive assets such as bonds and cash. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for five or more years. |
Growth
| Overview | Growth aims to optimise the risk and return potential. It invests primarily in shares, that aim to maximise returns by taking greater risk, with some allocation to infrastructure, alternatives and defensive assets. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for five or more years. |
Balanced
| Overview | Balanced aims to provide a balance of risk and return. It invests mainly in shares and fixed income, with a small allocation to property, infrastructure and other alternatives. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for four or more years. |
Moderate
| Overview | Moderate aims to balance the level of long-term growth potential and investment risk. It invests in a mix of defensive assets (such as enhanced cash and fixed income) and growth assets (like shares and property) with a small exposure to alternative investments and infrastructure. |
| Risk level | Medium to High. |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
Indexed Defensive
| Overview | Indexed Defensive is a low-cost passively invested option. Indexed Defensive invests the majority of its defensive assets in fixed income and cash and its growth assets in Australian and International Shares. |
| Risk level | Medium to High. |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
Defensive
| Overview | Defensive aims for lower short-term risk with moderate long-term growth from shares. It invests primarily in defensive assets, such as enhanced cash and fixed income, that aim to provide lower short-term risk, with some allocation to growth assets like shares and infrastructure. |
| Risk level | Low to Medium (for account-based pensions). |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
Secure
| Overview | Secure aims to provide a low to medium risk investment with 90% invested in cash, a defensive asset that has a lower short-term risk but provides low long-term returns. It also invests 10% in Australian shares, which are a growth asset. Please note, although Secure is our lowest risk pre-mixed investment option, it's possible it could generate a negative return, particularly over the short-term. |
| Risk level | Very low. |
| Investment time frame | Suitable for people who wish to invest their super for two or more years. |
Single asset class investment options invest in one asset class only; each with different levels of risk and return potential. They allow you to build your own asset allocation across multiple asset classes. We offer the following singles asset class options:
Australian Shares
International Shares
Property
Bonds
Cash
Want more details about how these investment options are invested? Find out more.
Pre-retirement investment options
Pre-mixed across asset classes to match different investor risk profiles. A brief overview of each pre-mixed option can be found below, or you can find out more how these investment options are invested here.
High Growth
| Overview | High Growth accepts higher risk to maximise returns. It invests primarily in shares, that aim to maximise returns by taking greater risk, with a small allocation to defensive assets such as bonds and cash. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for five or more years. |
Growth
| Overview | Growth aims to optimise the risk and return potential. It invests primarily in shares, that aim to maximise returns by taking greater risk, with some allocation to infrastructure, alternatives and defensive assets. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for five or more years. |
Balanced
| Overview | Balanced aims to provide a balance of risk and return. It invests mainly in shares and fixed income, with a small allocation to property, infrastructure and other alternatives. |
| Risk level | High. |
| Investment time frame | Suitable for people who wish to invest their super for four or more years. |
Moderate
| Overview | Moderate aims to balance the level of long-term growth potential and investment risk. It invests in a mix of defensive assets (such as enhanced cash and fixed income) and growth assets (like shares and property) with a small exposure to alternative investments and infrastructure. |
| Risk level | Medium to High. |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
Indexed Defensive
| Overview | Indexed Defensive is a low-cost passively invested option. Indexed Defensive invests the majority of its defensive assets in fixed income and cash and its growth assets in Australian and International Shares. |
| Risk level | Medium to High. |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
Defensive
| Overview | Defensive aims for lower short-term risk with moderate long-term growth from shares. It invests primarily in defensive assets, such as enhanced cash and fixed income, that aim to provide lower short-term risk, with some allocation to growth assets like shares and infrastructure. |
| Risk level | Medium (for pre-retirement pensions). |
| Investment time frame | Suitable for people who wish to invest their super for three or more years. |
Secure
| Overview | Secure aims to provide a low to medium risk investment with 90% invested in cash, a defensive asset that has a lower short-term risk but provides low long-term returns. It also invests 10% in Australian shares, which are a growth asset. Please note, although Secure is our lowest risk pre-mixed investment option, it's possible it could generate a negative return, particularly over the short-term. |
| Risk level | Very low. |
| Investment time frame | Suitable for people who wish to invest their super for two or more years. |
Single asset class investment options invest in one asset class only; each with different levels of risk and return potential. They allow you to build your own asset allocation across multiple asset classes. We offer the following single asset class options:
Australian Shares
International Shares
Property
Bonds
Cash
Want more details about how these investment options are invested? Find out more.
Where do we invest your super?
We appoint professional investment managers to invest your super. We regularly review their investment performance, risk management and investment process. We can and do remove managers and add new ones. View the latest investment managers list (PDF).
Standard Risk Measure (SRM)
The SRM allows you to compare investment options by considering the expected number of negative annual returns over any 20 year period.
The SRM isn’t a complete assessment of all forms of investment risk. For example, it doesn’t detail what size a negative return could be, nor the potential for a positive return to be less than your objective. Further, it doesn’t consider the impact of administration fees and tax on the likelihood of a negative return.
How does the SRM show risk?
The SRM places this risk into one of seven risk labels, ranging from very low to very high. If the risk is ‘low’, we’d expect one or less years of negative returns over 20 years. If the risk is ‘high’ we’d expect between four and six years of negative returns over any 20 year period, as shown in the diagram below.
These negative returns can be experienced several years apart or several years in a row within a 20 year period.
How is the risk for each option worked out?
We develop a set of capital market assumptions (return, volatility, correlation, etc) for the asset classes which make up the investments of our investment options.
Using the portfolio weights and these assumptions, we apply portfolio simulation techniques to determine the probability of a negative return occurring over a one-year period.
This probability is then multiplied by 20 to give an estimate of how many years in 20 we expect an investment option to deliver a negative return. This then feeds into our risk assessment which calculates the expected risk bands / labels for each of our investment options.
What kind of information do we consider?
We consider how returns and volatility are affected by different economic conditions, such as inflation, economic growth and asset prices.
Investment costs
Consistent with regulatory guidelines, we don’t consider the impact of administration fees or tax and we only take into account investment management fees.
What else should I consider when thinking about the risks of my super investments?
The real world is complex and not always rational. This means mathematical theories may not always play out in practice. So, while the SRM can help you understand your investment risk, it shouldn’t be the only consideration.
For example, the SRM doesn’t show you:
how big a negative return will be;
whether you’ll get the returns you’re after; and
how fees and taxes will impact your return.