There are several factors to consider when choosing a super fund to suit your retirement needs. Just like any other major investment, it is important to shop around and compare super funds so your eventual choice of fund is the one that suits your needs and financial situation.

Here are some key factors to consider when comparing superannuation funds:

Fees and costs - The Australian Prudential Regulatory Authority (APRA) suggests that if the total fees and costs of one super fund equate to 2% of your account balance, your final super pay-out could be reduced by as much as 20% over 30 years, when compared to a fund that offers fees that total 1% of your account super balance. GESB offers low ongoing fees with no commissions paid to advisers.

Investment performance - When you're comparing the investment performance of super funds, you need to consider the long-term performance. The dynamic nature of investing means that there are no guarantees of how a fund will perform, so it is best to choose a fund with low fees and the investment strategy that suits your needs and will grow your super. 

Investment options - Some super investment options offer high returns to grow your super but also high risk, while other options with greater security may result in lower returns when you need the money in retirement.  Explore a range of easy-to-understand GESB investment plans and compare these to other funds before you make a decision on what type of super investment suits your needs.

Insurance - If you die, become unable to work, or suffer an illness that affects your financial situation, insurance will protect the financial security of you and your loved ones.  Some funds do not offer insurance, or impose restrictions on insuring their members. When comparing super funds, decide what level of insurance suits your needs and whether you are eligible for cover, and then compare the insurance costs with various super funds.

Options for your retirement - Before you decide on a super fund, you should consider the range of retirement products offered by that particular fund. GESB offers a range of retirement options to provide greater flexibility to our members during retirement.

Member services - Different super funds offer a varying range of services to their members. At GESB, on top of low fees and a consistent, sound investment performance, we offer online access to your super account through Member Online, a personalised locally based Member Services Centre, a range of discounted banking products and services through our alliance with HSBC and free member seminars to help make sense of super.

When considering which super fund suits your financial situation, it is important to make a long term comparison of funds, so you can reap the benefits of making the right decision when you reach your retirement.

You should also seek an independent assessment of the super funds you are considering.  Use the AppleCheck service provided by ChantWest, an independent research and rating company, to compare up to 3 super funds.