POWERED BY MOMENTUM MEDIA
Vision Super to lower member fees
In a year in which fees have been under the spotlight, Vision Super has announced that it will lower its administration and investment fees following saving $150 million over the last 4.5 years by cutting costs.
The change would see the asset fee component of administration fees cut from 20 bps to 18 bps, and investment fees decreased on most options. The default balanced growth option would go from 88 bps to 68 bps, 19 bps below the industry average.
Announcing the cut, Vision Super chief executive, Stephen Rowe, said that the fund had put a lot of effort into lowering fees over the last few years.
“We’ve had a relentless organisational focus on cost downs, including renegotiating contracts, replacing our ageing bespoke administration system, and reducing costs on the investment side including by reducing the number of investment managers from 68 in January 2013 to 53 today, and moving some of our investments to passive portfolios,” he said.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
