Super members in the dark on fees

Information on fees is the largest member knowledge gap across all kinds of super funds, according to Investment Trends research commissioned by QSuper.

The 2012 Member Sentiment and Communications Report surveyed 11,000 super fund members between May and July this year and found 43 per cent of members surveyed said they would like more information to justify their fund's administration fees, according to Investment Trends senior analyst Uwe Helmes.

"More than half of those surveyed in the previous three years said they did not know how much their fund was charging them in fees," he said.

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"Level of fees is also one of the main reasons members choose to switch from their main fund, with over 40 per cent of retail super fund members who are planning to switch citing high fees as a reason."

QSuper chief executive Rosemary Vilgan encouraged members to contact their funds to find out what fees they are paying and what they are getting for those fees.

All funds have to disclose their fees along with a fee comparison table, while the Government's MoneySmart super calculator can help people understand how those fees impact their super over time, she said.




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