8 September 2023
Brighter Super members will be happy to know that we are charging some of the nation’s lowest fees for the MySuper option, even as the fund achieves some of the best returns in the country. This leaves more money in our members’ accounts to grow for their retirement.
Since the merger of three funds to create Brighter Super over the last year, the MySuper default investment option has been ranked by SuperRatings as being among the five lowest cost-to-member MySuper products in Australia.1
This comes as Brighter Super’s MySuper option (10.62% return) was ranked fifth in terms of investment returns in its category by SuperRatings for the 12 months to 30 June 2023.2
Brighter Super was created by the merger of LGIAsuper and Energy Super in July 2021. This was followed by the merger with Suncorp Super (SPSL), completed in June 2023.
Since the mergers, members are, on average, paying between 20% and 24% less in fees (depending on their fund of origin) for the MySuper investment option. The savings from greater economies of scale achieved from the mergers are being used to lower our fees.3
As a not-for-profit industry fund, any cost savings achieved by the mergers are passed to our members rather than eaten up by profits.
'Even a small difference in the amount our members pay in fees can make a big difference to the amount they end up with in retirement,' Brighter Super Chief Executive Officer Kate Farrar said.
'At Brighter Super, there are also no costs for switching investment options,' she said. 'We also cap your administration fees. The most you will pay for administration fees on a Brighter Super Accumulation account invested in the MySuper option is $900 per year.'
Brighter Super’s MySuper investment option is among the five lowest cost MySuper products offered by industry superannuation funds in Australia, according to SuperRatings. This is based on comparing the cost-of-product and cost-to-member, on a balance of $50,000. Comparison considers SuperRatings rated options only. Data is accurate as of 30 September 2023 and is subject to change. For more information on the SuperRatings research methodology visit www.superratings.com.au. Ratings are only one factor to be taken into account when deciding whether to invest. Consider the TMD and PDS before deciding at www.brightersuper.com.au/about-us/governance.
LGIAsuper Trustee (ABN 94 085 088 484) (AFSL 230511) (the Trustee) as trustee for LGIAsuper (ABN 23 053 121 564) (RSE R1000160) (the Fund) trading as Brighter Super. Brighter Super products are issued by the Trustee on behalf of the Fund. Brighter Super may refer to the Trustee or LGIAsuper as the context may be.