Total superannuation fees are growing faster than superannuation assets, up 10% in the last year, Rainmaker Information has found.
Total super fees were $32 billion, up from $29.1 billion in the previous year, says the firm. The average super fund member is paying 1.23% in fees in 2018, compared to 1.17% in 2017.
ASIC fee disclosure rules hit not-for-profit funds
The firm said the annual increase in headline fees was “largely attributable” to ASIC changing how fees are disclosed, under the RG97 framework.
“This cost disclosure reform has however been in large part discredited in a report subsequently issued by ASIC in July that acknowledged it unfairly penalised not for profit (NFP) funds,” said SelectingSuper, part of Rainmaker.