I saw that ING are introducing fees to their previously fee free super in June this year. What do people think of this?
There seem like a number of fees being introduced and it looks like it may not be such a great product anymore.
Has anyone got any low fee super recommendations?
Cheers.
https://www.ingdirect.com.au/assets/pdf/SignificantEventNoti…
For a hands off approach there's ANZ Smart Choice Super which seems to have lower fees. The reason I say hands off approach is there isn't any option to buy and sell your own shares etc like there are with some of the bigger funds.
Probably suits people with a lower balance more than anything.
Can you imagine how many people would just ignore their email because they haven't included actual fees figures in there?
Now need to do the research and switch to a different super but assume there not going to be a lot (if any) fee free super accounts :(
Use an industry fund - pure and simple.
other than cbus and lgs, do others offer the option to DIY invest?
HostPlus have a DIY offering called ChoicePlus.
thanks Steve
Some questions
1) Do you think switching super funds would be a better idea at this stage (from ING to another Super fund)? Or is it still worthwhile to stay at ING? If so, any reasons as to why you are advocating staying over leaving?
2) What super funds would you recommend? I have been looking at Industry super funds (Australian Super/Care Super) and ANZ Smart choice super.
3) What are acceptable fees by a super company in your opinion (for the amount i currently have which is approx. 22K, I was thinking $100-200 per annum – but maybe that's too high?).
All thoughts and comments are appreciated.
I am also looking into the change - no good continuing with ING as the reason I joined was to avoid fees.
Any no fee / low fee recommendations?
Guys, write to them and complain or call if you want:
You can call us on 133 464 or +61 2 9028 4077 (if you are overseas). If you want to put your concerns in writing, please write to us at:
ING DIRECT - Complaints Resolution
GPO Box 4094
Sydney NSW 2001
This is BS tactics where they have suckered people in with deals that didn't look temporary and have now started taking them away but not to the extent that jumping ship is a definite. Standard terrible company stuff.
I know calling is a hassle but it doesn't take long.
Are you saying they are going to waive the fees if you call them and complain? I know it sometimes works with credit card annual fees but don't think it would work with super.
Would be glad if you prove me wrong.
Already called them, and said they aren't negotiable on the new fees.
Time to leave them.
Check out vision super.
Low fees ($228 on 50k)
Invest in sustainable projects
Similar returns to ING balanced. ($505 on 50k)
I ended up switching to HostPlus. Industry superfund, good range of investment options including DIY, good past performance, and if you just want low fees the Indexed Balanced option is only $88pa for $50k.
$88 pa plus.
averaging at $684 for a 50K balance (ING is $505)
seems you didn't choose a better option, you choose higher fees.
Balanced != Indexed Balanced.
Indexed Balanced is 0.02% + $78pa (and the winner of Money Magazines lowest cost balanced super 3 years running.)
Hence…$88pa for 50k.
When i checked the MySuper Indexed Balanced :
investment fees
Nil
For every $50,000 you have in the MySuper product you will be charged $0 each year
PLUS Administration fees
$78 ($1.50 per week)
And, you will be charged $78 in administration fees regardless of your balance
And, indirect investment costs of $600 each year will be deducted from your investment
EQUALS Cost of product
If your balance was $50,000, then for that year you will be charged fees of $678 for the MySuper product.
mind you, they do not make it easy to find the info tbh… lol… confusing as FxxK
@jimbobaus: It IS confusing., but that's the cost of balanced, not Indexed Balanced.
The table below the example is clearer.
http://i.imgur.com/GniZTS1.png
Shares Plus is actually cheaper than Balanced too. Might make an attractive 50/50 split w/Indexed Balanced.
I have a very small super balance, and consequently need to move somewhere that has a $0 member fee.
EISS seems to be my best bet at $0 annual fee and 0.64% Investment fee totalling $31pa for my balance.
http://www.ratecity.com.au/superannuation/energy-industries-…
The only sting in the tail is that there is a $35 exit fee. I can seem to find a $0 annual fee and $0 exit fee combo.
i agree.
the new 0.5% admin fee, plus other fees makes it significantly higher than the similar options at cbus and lgs (about 0.27% in total)