Retirement
Superannuation fees likely to decline
Superannuation member fees have fallen by almost a quarter of a percentage point in the last 10 years, and superannuation consultancy firm Rice Warner expects the benefits of scale to carry this trend on into the future.
Superannuation fees likely to decline
Superannuation member fees have fallen by almost a quarter of a percentage point in the last 10 years, and superannuation consultancy firm Rice Warner expects the benefits of scale to carry this trend on into the future.

Superannuation fees are continuing to grow in dollar terms, according to new industry commentary by Rice Warner, and they appear large in dollar terms at $22 billion.
But that figure should be put into perspective, said Rice Warner.
"The total is less than the total profits of the big four banks ($30 billion); all the while running an industry with assets that are more than five times the size of those same banks and more than 1.25 times the GDP of Australia," said the consultant.
Rice Warner acknowledged the superannuation system is "clearly" too expensive in some areas, as has been suggested by the Financial System Inquiry and the Productivity Commission.

However, the actuary pointed out that Australia's superannuation industry is more expensive than other systems because it includes extra member services, including member choice to select their own fund, choice of investment strategy, universal life insurance, flexible retirement products and intra-fund advice.
There have also been been factors driving up fees, not limited to extra compliance requirements and technological changes.
However, despite the structural factors in Australia, fees have decreased from 1.26 per cent in 2006 to 1.03 per cent in 2016, said Rice Warner.
"We anticipate fee levels falling despite a likely continuing growth in member services," Rice Warner said.
"In 10 years, our largest fund will have $250 billion. With enhanced technology, could it operate for 45bps? That is, $1.125 billion. Could that fund get down to 30bps, which is still $750 million?"

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more