POWERED BY MOMENTUM MEDIA
Legalsuper announces low-fee index option
The industry super fund legalsuper has added a low-fee index investment option to help it prepare for the MySuper environment.
Legalsuper chief executive Andrew Proebstl said the new option would provide the fund with "valuable insights" into the potential structure of its MySuper product.
The fund will be observing movements into and out of the new investment option, and will also be seeking feedback from members, Proebstl said.
The low-fee option has been designed in conjunction with State Street and legalsuper's administrator AAS. It has a management fee of 0.12 per cent, and members with a $50,000 balance will pay a total fee of $262.60 or 0.53 per cent (ie, including investment and administration fees).
Proebstl said the creation of the new option was proof that specialised funds like legalsuper could leverage off companies like State Street to provide members with the benefits of scale.
Along with the introduction of a low-fee option, Legalsuper has announced it is increasing the investible universe of its S&P/ASX200 direct shares option to the companies in the S&P/ASX300 index.
The fund also enhanced its insurance offering in November, giving members the option to increase their death and total and permanent disability cover by two units. The fund has also reduced its premium rates for fixed cover insurance, and given members the option to increase their insurance cover when they experience significant life events.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
