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Industry Super Australia
Dud for-profit super funds can go on charging up to four times the median fees if a crucial government performance test is not strengthened, costing Australians up to $160,000.
The government’s Your Future, Your Super legislation does not include administration fees and other non-investment charges in its performance benchmarks.
This gives poor performing retail products a leg up, which on average have administration fees 75% higher than the median MySuper member. Administrative fees which gouge a staggering 1.02% from member balances could fly under the radar.
Even a small difference in administration fees cost can be significant to a member’s final balance. In the MySuper sector – assuming the same returns – the fund with the lowest administration fees would deliver a full-time worker in their 30s almost $160,000 more than a fund with the highest.

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