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.”
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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.