Industry super fund, Vision Super, today announced another fee reduction for members – the third in two years.
CEO Stephen Rowe said that the fund’s relentless focus on cost reductions has allowed the fund to steadily reduce member fees over the last few years as over $150 million in costs has been taken out of the business.
The the total fees on a $50,000 balance have now been cut from $488 to $463 for Super Saver (default) members. In September 2017, total fees were $538, and reducing that to $463 in just three years represents a substantial achievement.
The total fees on a $50,000 balance for Vision Personal – Sustainable balanced option – the lowest cost sustainable balanced product of any super fund# – have been cut from $238 to $223 on a $50,000 balance. Vision Personal’s low cost, low carbon Sustainable balanced option was the winner of Money Magazine’s ‘Best of the best’ award for the lowest cost superannuation platform.
The total fees on a $50,000 pension balance have been cut from $515 to $490.
“At Vision Super, we’re always focused on getting the best possible retirement outcome for our members,” Stephen said.
“Our focus on cost reduction hasn’t come at the expense of investment returns – our MySuper default Balanced growth option is top three over the last financial year, and top ten over all periods up to ten years. Most of our other options are top quartile.
“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.”
Media contact: Rebekka Power – 0404 796 183
* In the year to 30 June 2020
#As independently rated by SuperRatings, the independent ratings agency.