AustralianSuper lifts fees as investment costs fall

AustralianSuper lifts administration fees for members later this year as the nation’s largest superannuation fund continues investing in member services, advice and cyber security. The move marks the first change to these charges since 2022.

New Fee Rates and Caps

From 31 October 2026, the asset-based component of the administration fee for accumulation members will rise from 0.10 per cent to 0.12 per cent annually. The same adjustment applies to Choice Income and Transition to Retirement Income members starting 1 November 2026.

The fund is also raising the asset-based administration fee cap for accumulation accounts from $350 to $600 per year. This change is expected to impact roughly 7 per cent of accumulation members. Additionally, the administration fee tax benefit will be removed for members in accumulation and Transition to Retirement Income accounts.

Investment Costs and Member Satisfaction

While administration fees are increasing, total investment fees and costs fell for most members during the 2025-26 financial year. For the Balanced option, where most members are invested, investment fees and costs declined from 0.57 per cent to 0.53 per cent per year.

Deputy chief executive and chief member officer Rose Kerlin said the fund’s investment in member services had expanded over recent years. “We have been investing significantly over the past few years to meet the evolving expectations of members when it comes to service and security,” Kerlin said.

We have brought more member-facing services in-house, strengthened account security, expanded access to advice and guidance services, and enhanced the digital tools members use to engage with their super. These investments are helping us provide simpler, safer and more personalised experiences for members, and they are working. Our customer satisfaction scores are the highest they’ve ever been, our call centre answer time has been reduced to less than two minutes on average, and we plan to keep improving.”

What This Means for Account Holders

The decision to raise administration charges while reducing investment costs presents a complex picture for the fund’s 3.1 million participants. For those with balances up to $250,000, the increase could mean paying up to $1.83 more per week starting late next year. This extra cost funds the digital security upgrades and advice tools designed to protect assets, suggesting a move toward higher-friction but safer interaction models that require more direct member engagement.

AustralianSuper claims the revised administration fees remain 17 per cent below the MySuper industry average based on data as of 31 March 2026. About 88 per cent of accumulation members will see their administration fees increase by up to $1.83 a week.

Planned Improvements

The fund plans to roll out new online advice tools later this year to help members plan for retirement. It will also introduce further cyber security enhancements, including new verification tools.

“We remain committed to managing costs carefully, investing for the long term and delivering the support, products and performance our members need to build their best retirement,” Kerlin said. “As a profit-to-member fund, every dollar we collect in fees is used to operate and strengthen the fund on behalf of members.”

Members will receive direct communication regarding the specific impact of these changes on their individual accounts ahead of implementation.