I just read my latest statement from my Victorian superannuation fund. The fees are crazy high (not even counting the insurance premium component). Can anyone recommend a super company that both (a) charges low fees and (b) offers decent life insurance policies. I've still got a few decades before I retire so I want to invest in Australian shares or something similar.
My Super Fund Fees Are Ridiculous. Any Good Ones That Also Offer Life Insurance?
WreckTangle on 10/03/2017 - 17:34
Comments
Suggest AustralianSuper, no fees.. decent lifeinsurance for low premium
AustralianSuper, no fees
Their pds says $1.50/week + a raw percentage.
Cheers. I took a look at the comparison websites. I see that Australian Super have a direct investment option whr u can buy and sell shares tht i choose…sounds like fun!
Just a tip, your super shouldn't be "fun." It should be boring, and slowly sit in the background accumulating until you need it.
AusSuper is good - or check out any of the other industry super funds. Low fees, and you can buy 'units' of life insurance, so that you're only paying for what you need
Vicsuper is $1.50/wk + 0.28% of assets under management
Investment fees range from 0.03% to 0.55%
What is your definition of high fees?
From what I gather here, this isn't the lowest you can get but its definitely not high.
You always want to compare in percentages rather than whole dollars - there's a difference between $1000 fees off $10k versus $100k or even a million dollars
Try to get yourself into unisuper.
Your other good option would be ING super - no fees.
I have never understood the legality of super funds claiming that they are fee free.So called fee free super funds pay a lower portion of investment returns back into your fund so really fees are just hidden. Some super funds generate profits by fees charged – others generate profits by what they don’t pay customers.
https://www.canstar.com.au/superannuation/ Has some tools where you can compare supers. I hope it helps.
https://www.moneysmart.gov.au/superannuation-and-retirement/…
This link has long list of superannuation comparison websites,
Chant West has a charge for a superfund comparison which wasn't always the case.
Haven't tried the others though.
Off topic but if you were also interested in ESG investment products offered by superfunds:
http://www.responsiblereturns.com.au/search