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Fees just one thing to consider when choosing super: ASFA
The Association of Superannuation Funds of Australia (ASFA) is urging individuals to check the features and fees of their superannuation accounts and choose options that reduce costs.
ASFA CEO Pauline Vamos said superannuation offered a range of products and portfolios after a period of innovation within default super and choice vehicles.
"Making choices about the level of assistance a person wants from the system will influence how much they pay in fees," she said.
"For example, choosing accounts with fewer features, a simpler investment option or lowering the level of insurance cover you have within your fund are all ways you might reduce your costs."
But costs are not the only factor to consider, Vamos said. Individuals also needed to look at the long-term performance of the super fund rather than just single year-on-year figures.
They should also look at different investment options, research the types of insurance cover funds offer, and look at the additional services funds offer such as online functionality, access to retirement planning tools and advice services.
"At the end of the day, what's most important is that people engage with their super," Vamos said.
"Knowing more about your fund and your account will help you make better decisions about your retirement savings."
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