This major player has claimed that its new super offering redefines superannuation options for Australians by being priced at half the average super fund cost.
According to ANZ, its “innovative superannuation solution”, which was launched today at an event attended by Superannuation Minister Bill Shorten, automatically adjusts to a customer’s stage in life and costs around 50% less than most existing schemes.
Central to ANZ’s claims are the product’s single investment fee of 0.5% pa, and an annual administration fee that’s capped at $50 “with no commissions and no hidden charges”.
The bank has claimed that customers with $50,000 of superannuation today would save around $220 a year when compared to industry funds, and $416 a year when compared to the average Australian superannuation fund – assuming continued contributions are made. This would equate to $29,000 and $55,000 over 20 years respectively, said ANZ.
“ANZ Smart Choice Super offers customers greater convenience and choice at half the price of the average superannuation fund. It will redefine the way Australians plan and save for their retirement,” said ANZ Global Wealth and Private Banking CEO Joyce Phillips.
“Australians have been telling us they’re frustrated at not having control over how their super is invested, the lack of transparency of their returns and what fees they are being charged. ANZ Smart Choice Super will change this by giving them the convenience and choice they are looking for at a market-leading price.
“It gives our customers access to quality investment options that can be matched to their life stage, full portability between employers and industry leading life insurance products.”
The product will be available from 1 December.
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