Brighter Super members in for a brighter future

22 July 2022

Brighter Super members are already benefiting from lower costs and better services that have resulted from our fund’s merger last year.

We have increased our fund’s size and scale over the last 12 months while maintaining our boutique approach. This has enabled us to reduce fees and costs by up to 28%¹, stay close to our members and provide the personalised service for which we are known.

The Brighter Super Group combines the strengths of LGIAsuper and Energy Super, including a strong member focus and a commitment to the industries, sectors and communities where our members work and live.

Brighter Super Group CEO Kate Farrar said the merger means better outcomes for members as the Group goes from strength to strength.

“With our increased size and scale, we’re able to deliver better services and lower costs for all our members,” she said. “This includes our commitment to providing our members with the best possible retirement outcomes through reducing annual fees and costs by up to 28%. This means more money is going directly to supporting your retirement in the future.”

“We have removed our weekly administration fee of $1 per week per account, which means that members are now only charged the annual percentage-based administration fee (0.18%).”

The administration fee cap has been reduced from $1,575 to $900 per year across all accounts held by a member during a financial year².There has also been a reduced investment fee for most investment options, including MySuper.

The table below shows examples of how members have benefited from Brighter Super’s fee and cost reductions since 1 July 2021¹.

Ms Farrar said that over time, the Group’s increased size and scale will enable it to deliver better services and lower costs for all members.

“At the same time as lowering our costs, we have delivered better services for our members,” she said. “We have introduced two new investment options for Brighter Super members, including a low-cost Indexed Balanced option and a Socially Responsible Balanced option.

“Our new mobile app also gives members an easy, convenient and secure way to manage their super, and we have added new features and enhancements to Member Online.

“We are proud to be a medium-sized boutique fund, and we have remained close to our members and will continue to provide a personalised service, even as we grow.”

Since the merger on 1 July 2021, Brighter Super has engaged in over 10,600 personal interactions helping support the retirements of more members than ever before.

Over 2,000 members have attended seminars in-person and online, and superannuation specialists have had over 4,600 email or phone conversations with Brighter Super members, which includes Super Health Checks.

“We understand the needs of our members. We have strong relationships with their workplaces and communities and have team members located across Queensland,” Ms Farrar said.

“Brighter Super draws on our combined history as not-for-profit funds, with a strong member focus, and a commitment to the local government, energy and electrical industries.

“Staying close to our roots is important to us. Our fund is backed by 57 years of heritage and $1 billion invested in Queensland assets as we have expanded our regional presence across the Sunshine State.”

Queensland local government remains as important as ever to Brighter Super and will always be a significant part of the Group’s history and future.

“Our strong partnerships with Queensland councils and our dedicated local government relationship managers means we maintain positive and supportive relationships with their HR and payroll teams,” Ms Farrar said.

If you have any questions, you can contact us on 1800 444 396 or info@brightersuper.com.au.

For further information about our new name and brand, you can refer to our frequently asked questions.

1. This estimate is based on the total administration and investment fees and costs from LGIAsuper Product Disclosure Statement dated 1 May 2021 (pre-merger) and current total administration and investment fees and costs of the MySuper investment option. Exact cost reductions will be different for every member based on their individual circumstances and investment option, and this is used for illustrative purposes only.
2. The percentage-based administration fee does not apply to the defined benefit component of Defined Benefit accounts.