- Bendigo SmartSuper at 0.64% charges the lowest fee of any MySuper default fund in Australia.
- According to the data from Rainmaker Information, the average fee across all superannuation products is 1.23% compared to 1.16% in 2017.
- Overall fees charged by super funds have increased by 10% to $32 billion over the last year.
The fees charged by superannuation funds to look after the retirement savings of members are galloping higher.
Over the last year fees paid have increased by 10% to $32 billion, according to the data from Rainmaker Information.
The average fee across all superannuation products is 1.23% compared to 1.16% in 2017.
The average Total Expense Ratio (TER) for MySuper (those default funds for those who don’t actively choose a fund) is now 1.20%, meaning for every $100,000 in superannuation members have they are paying $1,200 in fees, or two thirds the average household electricity bill in Australia.
Here are the MySuper funds with the lowest fees, according to Rainmaker which analysed more than 2,500 fee options offered by 550 superannuation products representing 20 million member accounts.
And the cheapest fees at other funds:
Pension phase funds: