Future Super has reduced its fees on all of its investment options starting this month after the fund saw huge growth last year.
The fund said it had a 200% increase in new members compared to 2019.
Future Super chief executive, Kirstin Hunter, said: “There’s a long-held view that ethical funds are more expensive, however the fee reductions we’re announcing bring our balanced index fees to well-below the industry median.
“These lower barriers mean that more Australians will be investing in a future that they want to live in.”
The fund’s new fees were:
Investment Option |
Admin Fee % |
Admin Fee $ p.a. |
Investment Management Fee |
ICR |
Fee per $50,000 balance |
Balanced Index |
0.554% |
$93.60 |
0.20% |
0.12% |
$530.60 |
Balanced Impact |
0.554% |
$93.60 |
0.804% |
0.12% |
$832.60 |
Renewables Plus Growth |
0.554% |
$93.60 |
0.804% |
0.13% |
$837.60 |
Pension |
0.554% |
$93.60 |
0.20% |
0.12% |
$530.60 |
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
A Balanced Index fund at $530 p.a. may below the industry median, but is pretty darn expensive for an indexed fund.