POWERED BY MOMENTUM MEDIA
Fees just one thing to consider when choosing super: ASFA
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."
Recommended for you
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
