Newcastle-based Hunter United Employees’ Credit Union has launched a low-cost web-based superannuation product to service the Hunter Valley.
Hunter United managing director John Ford said the new superannuation fund, Hunter United Super Choice, had partnered with The Trust Company and Vanguard Investments to minimise the fees paid by investors. A comparison of the Hunter United fund with seven big super funds found it had the lowest annual fee: $372 for an account balance of $50,000.
The low fees were down to the new fund’s efficient web-based system and the fact that Hunter United did not pay commissions, Ford said.
“Today Hunter residents can select the investment choice they are seeking and know that their hard-earned retirement savings are not being eroded by high fees,” Ford said.
The web-based superannuation service was developed with the administrator Financial Synergy.
“Hunter United has had a long-term relationship with Financial Synergy going back to 1999. Financial Synergy helped us back then in the administration of our retirement savings accounts and has now assisted us in providing a low-cost choice offering,” Ford said.
Financial Synergy chief executive Stephen Mackley said it was important for people to have a low-cost superannuation option in a volatile market.
“Financial Synergy offers a super product that helps the consumer to stay in control of their financial future through easy-to-use online transactions and calculators to model portfolio outcomes,” Mackley said.
