AXA's North Super 'on hold'

Ratings house Standard & Poor's has placed the North Personal Superannuation, Pension and Investments Plan 'on hold' in the wake of AXA Asia Pacific announcing an increase in annual fees for new investors in the Protected Growth guarantee effective from February 28.

The ratings house said it had been advised that the increase in fees was attributable to an increase in the costs incurred by the manager in providing the capital guarantee.

"The rise in costs has been caused by the significant fall in interest rates since the launch of the North product in 2007," it said. "The decrease in interest rates will cause management costs to increase for new customers."

Related News: ISA has Lleyton Hewitt serve up compare the pair

It noted, however, that the increase would only apply to new investors and would not apply to the Protect Investment guarantee product choice.

Commenting on the move, S&P analyst Rodney Ley said the ratings house would be reviewing the implications of the increase in fees on the product, and would issue a revised report when the review was completed.

Related Content

New chairman for Hunter Hall

Hunter Hall Global Value Limited has a new independent chairman.The company announced to the Australian Securities Exchange today that Paul Jensen had...more

Kinetic Super to cut admin fees

In the spirit of the festive season, Kinetic Super has announced an early Christmas gift for its members, by cutting fees by 15 cents a week. The redu...more

Seniors should boost cash by selling home

Senior homeowners should boost their cash reserves by selling their homes while prices are high, according to Aged Care Gurus. The financial advice fi...more



Add new comment