UniSuper’s Accumulation 1 fees are within the lowest 10 per cent of all funds, while the super funds’ MySuper investment option fees are the fourth, third and second lowest for balances of $25,000, $50,000 and $250,000 respectively, according to Chant West.
In a review of fees charged by Australia’s 100 largest super and pension fund providers across multiple investment options, UniSuper came out strongly, and recorded one of the nation’s lowest overall totals for fees.
The super funds’ Accumulation 1 Balanced option had fees of 0.75 per cent on a balance of $50,000 placed it below the average of 1.14 per cent, while the UniSuper Flexi Pension Balanced option’s fees of 0.63 per cent on a balance of $250,000 were also ahead of the industry average (1.24 per cent).
Commenting on the Chant West findings, UniSuper head of product, Ian Lorimer said low costs and competitive returns made a noticeable difference over a long accumulation period.
“Due to the very long-term nature of super, these differences can add up to tens of thousands of dollars at retirement,” he said.
The top ten super fund offerings as currently ranked by Chant West were held by AMP, AustralianSuper, BT, BUSSQ and CBUS.