Vanguard Super Fund With Low Fees Is Now Available In Australia

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A new player has emerged in the Australian superannuation industry, offering a low-cost service – but some have been quick to point out a significant flaw.

A multi-trillion dollar global company has just launched a new low-fee superannuation fund for Australians under the age of 47.

On Friday, Vanguard, an investment management company, announced it would begin providing services to the Australian superannuation market.

The company advertises that it has the lowest fees in the super sector, with only 0.58% a year for investment and administration costs.

“We have some of the lowest yearly fees on the market, only $290 for a balance of $50,000. Furthermore, we pride ourselves in being simple and up-front about all our charges – administration, investment and transaction included,” Vanguard said.

For those with a member balance under $50,000 or who are younger than 47 years old, Vanguard asserted that their fee was the lowest in the Australian superannuation market.

Daniel Shrimski, managing director of the Australian branch of the firm, said that they want to give members a low-cost super fund with high-quality default offer options that will change as their life changes.

Even though it has just launched, the fund is already under fire from experts.

Some have criticized the fund for requiring members to be under 47 years old, which makes it inaccessible to many Australians.

Others argue that other super funds are on the market with lower fees and more investment options, making Vanguard’s services less competitive.

Despite these criticisms, it remains to be seen whether or not this new fund will succeed as Australians continue to look for low-cost services that meet their needs.

As the new kid on the block, Vanguard is facing an uphill battle in attracting members and competing with other super funds in the market. But with its low fees and high-quality investing options, it could very well succeed.

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