A new super fund has entered the Australian market and claims to be the cheapest fund in the country.
Vanguard's annual fee will be 0.58 per cent of a super balance, which is $290 a year for someone with $50,000 in super. For the same balance these funds charge the following: UniSuper $315, AMP $353, AustralianSuper $447, PT Super Funds $501 and HostPlus $650. Daniel Shrimski from Vanguard Australia said it wants younger customers who don't want their super invested with companies that may not suit their social or political views."We think we can move the needle and create better outcomes for Australians, they deserve it and they need it," Shrimski said." will hopefully set the benchmark for other funds to follow," Zahos said.Effie Zahos from Canstar said $290 a year was very cheap.