Industry super fund launches points offer after fee hike
One of the industry super funds is now offering frequent flyer points for joining its fund, after announcing at the end of January that it will increase its administration fees by 50 per cent.
From 29 January this year, industry super fund AustralianSuper has been offering Qantas Frequent Flyer members who join AustralianSuper for the first time, and contribute $350 within the first six months of joining, 20,000 Qantas points.
AustralianSuper made it clear on its website that only members who joined through a specific page on its website before 5 May 2019 would be eligible, with members who choose to join “through another channel” ineligible for the offer.
Members, it said, will receive the 20,000 Qantas points two to three months after the minimum contribution amount is made.
The industry super fund also stated that members with an existing account with AustralianSuper would be “ineligible for this offer”.
The AustralianSuper website also states that “if for any reason this offer is not capable of running as planned, AustralianSuper reserves the right in its sole discretion to cancel, terminate, modify or suspend [the] offer”.
Members who join the fund by opening a transition to retirement income account, it states, are also ineligible.
The offer coincides with an announcement by AustralianSuper on 29 January that it would increase its administration fees from $1.50 a week up to $2.25 a week, a 50 per cent increase.
The fee increase will apply from the end of March.
AustralianSuper group executive Paul Schroder said members with a $50,000 balance were paying administration and investment costs of $397 in 2019, while members with $100,000 balances were paying $617 in 2019.
“For almost a decade, the administration fee hasn’t changed, while costs to operate the fund have continued to increase,” he said.
“This change is about ensuring AustralianSuper can continue to provide members with the products, benefits and services needed to help them achieve the best possible retirement outcomes.”