Fees just one thing to consider when choosing super: ASFA

29 April 2014
| By Malavika Santhebennur |
image
image
expand image

The Association of Superannuation Funds of Australia (ASFA) is urging individuals to check the features and fees of their superannuation accounts and choose options that reduce costs.

ASFA CEO Pauline Vamos said superannuation offered a range of products and portfolios after a period of innovation within default super and choice vehicles.

"Making choices about the level of assistance a person wants from the system will influence how much they pay in fees," she said.

"For example, choosing accounts with fewer features, a simpler investment option or lowering the level of insurance cover you have within your fund are all ways you might reduce your costs."

But costs are not the only factor to consider, Vamos said. Individuals also needed to look at the long-term performance of the super fund rather than just single year-on-year figures.

They should also look at different investment options, research the types of insurance cover funds offer, and look at the additional services funds offer such as online functionality, access to retirement planning tools and advice services.

"At the end of the day, what's most important is that people engage with their super," Vamos said.

"Knowing more about your fund and your account will help you make better decisions about your retirement savings."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

3 hours 55 minutes ago

Super funds had a “tremendous month” in November, according to new data....

4 days 3 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 8 hours ago