Industry super fund, Vision Super has been recognised as having the lowest cost personal superannuation product in Australia, according to Rainmaker Benchmarking Superannuation Quarterly Report.
Vision Super’s chief executive, Stephen Rowe, said that the fund’s success was attributed to a growing uptake among young people.
“We’re seeing a big uptake among younger people, like uni students, who are increasingly savvy about their money and want a super fund that’s in line with their values and won’t see their small balance from part-time or casual jobs eaten up by fees and insurance premiums,” he said.
The fund, which saw a 34 per cent membership growth in Vision Personal and a 162 per cent growth in funds under management from December to June, also said that electronic communications and an online account helped to attract younger demographic.
“Helping young members get engaged and get their super set up right from the start is going to lead to better retirement outcomes for them, and we’re really proud that Vision Super is at the forefront of this with our low cost, low carbon Vision Personal product.”
