NGS Super has made several changes to its superannuation offering including closing some investment options and removing certain fee structures.
In a notice to members, NGS Super said it would no longer charge its $40 family law fee or its $100 family law splitting benefit fee from 31 May.
It also said it had amended its trust deed to introduce a trustee fee which had been paid by transfer from the existing Trustee Operating Reserve, equating to 0.053% of fund assets at 31 January, 2022.
The fund also announced it would close several of its investment options to new applicants on 20 April, including its Socially Responsible Diversified, Shares Plus and Moderate growth offerings.
From 31 May the options would close permanently.
Explaining the investment option closures, NGS Super said: “Since first offering the Socially Responsible Diversified investment option, NGS Super has greatly expanded its environmental, social and governance (ESG) commitment, with our first ESG and responsible investment strategy being approved at the beginning of 2021.
“The ongoing deep integration of ESG into all of our investments means that the standalone SRD investment is no longer necessary - we believe that effectively all of our investment options now meet that standard.”
NGS Super’s Self-Managed Direct Investment Option, which was first made available in 2014, had also closed to NGS Transition to retirement account members, but was still available to members of NGS Accumulation and NGS Income accounts.
“The NGS Self-Managed DIO has had very low member demand from NGS Transition to retirement account members.”