There’s a new kid on the superannuation block with Mercer and Kogan.com announcing this morning that they will together launch a new “no frills, ultra-low fee” super fund, Kogan Super.
In an announcement to the ASX, the two companies said the new company would leverage the ecommerce site’s digital efficiency to be one of the cheapest options in the market.
“In an industry where scale and cost efficiencies count, this new alliance will enable Kogan to create value at scale through their trusted online brand and huge customer base,” Mercer chief executive, Ben Walsh, said.
Under Mercer and Kogan.com’s agreement, the former would provide investment management, administration and customer service for the fund while the latter would manage branding and marketing services.
The launch date was slated for early 2019, with further details to be released closer to that time.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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