Vision Super has reduced fees for members for the third time in two years as the fund has managed to take out $150 million in costs from the business.
The total fees on a $50,000 balance have now been cut from $488 to $463 for Super Saver (default) members.
The total fees on a $50,000 balance for Vision Personal – Sustainable balanced option have been cut from $238 to $223.
Fees on a $50,000 pension balance have been cut from $515 to $490.
The industry fund’s chief executive, Stephen Rowe, said: “At Vision Super, we’re always focused on getting the best possible retirement outcome for our members.
“We’re delighted to announce this further reduction in fees, which means more money for members’ retirements. We’re charging substantially less than some of the biggest funds in the country charge, and our returns speak for themselves.”
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
Obsession to be the cheapest.
Are members jumping ship to the 'cheapest'? I don't think that's what it is all about. Reducing fees 3 times in 2 years. Heat map obsessed? Keeping the regulator at bay? You wonder where all the gaps are if you are running that lean. Having a look at the Vision website and socials, not a lot of stuff that stands out regarding product (other than a bit of climate activism). Not even a webinar for members during COVID19.
At 10bn, with funds ramping up the merging process, you do wonder if they should be holding fees steady and investing in the fund.