CEO Kate Farrar, Chief Transformation Officer Sean Marteene, and Chief Investment Officer Mark Rider accept Brighter Super's awards
5 December 2022
Brighter Super has been named the fund with Australia’s '2023 Best-Value MySuper Product' by Money magazine in its prestigious 'Best of the Best' annual awards.
The fund’s insurance offering was also recognised as Money magazine’s '2023 Best-Value Income Protection Insurance in Super Men'.
Money magazine has been reviewing superannuation funds for more than 20 years, and its 'Best of the Best' awards are independently assessed from verified data about hundreds of available products.
Accepting the awards, Brighter Super CEO Kate Farrar said the achievements reflected the benefits that had been delivered to members through the merger of LGIAsuper and Energy Super.
“Our merger in July 2021 has allowed us to reduce fees for our MySuper default investment option in the first 12 months, directly delivering the merger savings back to our members,” Ms Farrar said.
“This has resulted in Money magazine judging that Brighter Super holds the lowest fee for account balances of $5,000 and $10,000 in the default MySuper investment option.”
The income protection cover that Brighter Super offers to the energy and electrical industry was also judged to be the best value income protection product for men in 2023.
“As the fund for the energy and electrical sector, we have worked hard to provide a default insurance product that considers the higher risk that members such as electricians face in terms of accident or injury. We have the lowest industry wait times and offer the flexibility for members to choose the level of cover that’s right for their needs,” she said.
Post-merger, most members of Brighter Super are now paying less fees and costs than they were in the predecessor funds.
“As a merged fund we will continue to work hard into the future to ensure that our investment returns support our members to build their best possible retirement, while being delivered at a price point that is acceptable and reasonable,” Ms Farrar said.