Industry super fund, Vision Super has been recognised as having the lowest cost personal superannuation product in Australia, according to Rainmaker Benchmarking Superannuation Quarterly Report.
Vision Super’s chief executive, Stephen Rowe, said that the fund’s success was attributed to a growing uptake among young people.
“We’re seeing a big uptake among younger people, like uni students, who are increasingly savvy about their money and want a super fund that’s in line with their values and won’t see their small balance from part-time or casual jobs eaten up by fees and insurance premiums,” he said.
The fund, which saw a 34 per cent membership growth in Vision Personal and a 162 per cent growth in funds under management from December to June, also said that electronic communications and an online account helped to attract younger demographic.
“Helping young members get engaged and get their super set up right from the start is going to lead to better retirement outcomes for them, and we’re really proud that Vision Super is at the forefront of this with our low cost, low carbon Vision Personal product.”
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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