POWERED BY MOMENTUM MEDIA
Super fund abolishes admin fees for low balance accounts
Prime Super will abolish administration fees for superannuation accounts with balances under $6,000 from the start of next month, after assessing the impact the Protecting Your Super reforms would have on its membership.
“There has been speculation that the Protecting Your Super reforms will force fees up as super funds are required to transfer large numbers of inactive account balances to the ATO,” Prime Super chief executive, Lachlan Baird, said when announcing the change.
“Prime Super is in a position that allows a fee reduction for members with low balances. This change to the fee structure will deliver a very positive outcome to those with an account balance of $6,000 or less and the fee structure for all other members will remain unchanged.”
The major fee change the Protecting Your Super regime would see was the banning of all exit fees, including part withdrawals. Prime Super said that they had not charged these fees since 1 July, 2013.
Recommended for you
Introducing reforms for strengthening simpler and faster claims handling and better servicing for First Nations members are critical priorities, according to the Super Members Council.
The Commonwealth Bank has warned that uncapped superannuation concessions may be “unsustainable” and has called for the introduction of a superannuation cap.
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
