GROW Super

GROW Super, the APRA regulated superannuation fund is closing down on 11 May 2022. 

GROW Super is different to Grow SMSF.  Grow SMSF is not closing, in fact, we are growing fast with more people setting up an SMSF every day.

The fund was operated by Diversa Trustees Limited as a sub-fund or the Smartsave ‘Members Choice’ Superannuation Master Plan. The investment management was outsourced to Dimensional Fund Advisors. 

Members of the fund now have to decide which super fund to move their superannuation monies to. If a GROW member doesn’t make a choice, their super balance will be transferred to the ATO around 27 May 2022 according to Diversa (the trustee).

GROW Super was launched in 2017 to target younger superannuation savers with a long investment horizon. While other ‘neo-super’ funds focused on low-cost passive investment, GROW used an active strategy when it came to investment management.

GROW Super always would find it tough.  Regardless of how good their product was, and how the fund performed for its members, they were up against the toughest challenge of all: APATHY.

Historically, most young people have been disengaged with their super.  Thankfully, this is changing as more people begin to invest at a younger age. The COVID pandemic sped up the existing trend and lead to a surge in retail investing.

GROW Super is not the only new-aged super fund to close in recent times. Zuper and GigSuper have also closed their funds due to a lack of scale.  In addition, even larger super funds are either closing or merging. For example, QSuper and Sunsuper recently merged to form Australian Retirement Trust.

GROW Super has stated the following:
“Considering these changes and the ever-evolving regulatory landscape, Diversa Trustees Limited has made the decision that it would be in the best financial interests of members to close the GROW Super product within OneSuper.”

GROW had $47.18 million in funds under management as at 30 June 2021 according to APRA data.

The GROW Inc. business that provinces administration services to superannuation funds is not closing. 

If you want to learn more about setting up an SMSF with Grow, check out the following article: How to set up an SMSF


Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 by Grow SMSF Pty Ltd. All rights reserved.
Registered Agent Number 26057627.

General Information Warning & Disclaimer

All information contained on this website is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed. Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.

Grow SMSF does not hold an Australian Financial Services Licence (AFSL) and we are not authorised representatives of a AFSL. We do not provide financial product advice or recommend any financial products either expressly or implied.

From time to time Grow SMSF may produce information or content about specific financial products or services that enable access to specific financial products however we do not recommend, endorse or confirm as suitable any financial product or service featured on the Grow SMSF website or social media assets. This condition specifically applies to any financial product where Grow SMSF provides services at a discounted or preferential fee due to the use of those products, services or accounts. It’s not compulsory to utilise a specific account or service provider to be a client of Grow SMSF however the types of accounts, investments and service providers you use for your SMSF will determine the fees your SMSF is charged.

Where Grow SMSF provides information in relation to a financial product or service supported by or integrated with Grow SMSF the information is factual information only about the operation of the account or service and how data or reporting information is made available to us. Before making a decision on any financial product for your SMSF you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision. As financial product and solution providers are frequently making changes to their products and services Grow SMSF cannot accept any responsibility for any outdated or inaccurate information provided on this website or via social media assets.

Grow SMSF Gold Coast based accountants looking after SMSF trustees from around Australia. Liability limited by a Scheme approved under Professional Standards Legislation.