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02 Jul 2020 APRA Updates

Updated MySuper Heatmap shows fee reductions for millions of members

APRA’s analysis of the latest ‘MySuper Heatmap’ data, summarised in a new Insights Paper, shows products with 6.1 million MySuper members (42 per cent) have lower total fees, resulting in estimated aggregate savings for members of $110 million a year.

However APRA also found that fund administration fees have largely remained static or risen slightly, while the majority of funds that underperformed on fees and costs in the December 2019 Heatmap continue to have relatively high fees.

Read more here.

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