I am delighted to inform our members that, effective 1 September 2017, the investment fees for some of our investment options have been reduced!
The changed investment fees from 1 September are as follows:
|Option||Old fee||New fee|
We’ve been able to reduce these fees as a result of our increasing scale and from negotiating improved pricing from some of our managers.
In accordance with our profit-for-member philosophy, we review our investment fees at least annually to ensure they remain competitive and represent a value for money to our members.
Michelle Wade CEO
As part of our annual review of the Fund, we prepare our annual Trustee report and a member statement for each member.
We are pleased to say that this process has been completed and statements and annual reports are being sent to members over the next week*. When they arrive, we encourage you to read both documents carefully.
Members can elect to receive either their member statement or their annual report, or both! by either postal mail or via Member Online with an email reminder. You can adjust your choice for future years by logging into Member Online and following the ‘update’ link on the ‘Member details’ page.
* If yours doesn’t arrived by mid-September, please let us know so we can check your contact details before reissuing your statement.
As a profit-for-members super fund, AvSuper is always working on ways to deliver better value and improve the quality of our products and services for our members.
It is therefore with great pleasure that I inform you that we have reduced our administration fees for all Income Stream members!
Nobody likes fees, especially when you are in retirement – which is why we like to keep ours low. Lower fees means more money in your account and your super will be able to go further in retirement.
It’s all good news for your income stream account. Effective from 1 July 2017, the percentage based element of your administration fee was cut from 0.23% per annum to 0.18% per annum. That represents a 20% reduction in the fees you will pay for the administration of your account!
At AvSuper we don’t consider fees in isolation. AvSuper is in a very strong financial position and we’ve worked hard to improve the efficiency of our administration services to be able to return the cost savings we’ve made to you, in accordance with our profit-for-members philosophy.
On Tuesday, 9th May 2017, the Government released its Federal Budget for the 2017-18 financial year.
We have again prepared a fact sheet outlining the main super changes proposed in the Budget along with a commentary on how those changes may impact AvSuper members.
The impact for you
As expected, and in contrast to previous years, the Federal Budget did not include a lot of direct changes for superannuation. However, the housing affordability measures proposed by the Government may impact on super funds and relevant members.
Some of the key changes include
- being able to contribute additional money resulting from the sale of a family home once you are over 65
- being able to use some non-compulsory super contributions towards a home deposit in the First Home Super Savers scheme
- an increase in the Medicare levy to 2.5%
- creation of a single body to manage financial industry disputes
The scope of the proposed changes is such that different groups of members are likely to be impacted in different ways so it is important to review the Budget, and the related legislation as things progress, in line with your personal situation.
Before making major decisions about your super and/or retirement income stream, please remember these changes are not yet law and may well be altered and delayed. We suggest you get personalised advice from our Member Advice Consultants to better understand your options and their implications.