People who find themselves being charged higher fees within superannuation funds should look for a better deal, according to the Federal Treasurer, Chris Bowen.
Responding to questions on radio about reports that some superannuation fund would be passing through some of the increased costs associated with MySuper and other Stronger Super initiatives, Bowen pointed to the number of superannuation providers who had indicated they would not be passing through the costs.
"I've seen that (reports of higher charges) and there are other companies I've noticed — Westpac, particularly — today saying they're not doing that and they don't see any need to do that," he said.
"The reforms that have been introduced will save superannuants over the long run a lot of money. So we've not only increased the superannuation guarantee from 9 to 12 [per cent], but we've put in a lot of efficiencies, a lot of changes, and measures to reduce the eating away of superannuation over time by complex administration," the Treasurer said.
"Now, I've seen some firms say that they're going to pass some of the administrative costs on to their customers or their members. I think that's, you know, that's a matter for them. It's unfortunate," he said. "Their members can have a look at what other firms are willing to do, because I've seen Westpac out there saying they won't do it, industry funds saying they won't do it; so that's a matter for their members to look at and check and make sure that they're getting a good enough deal."
