AustralianSuper ups admin fees

The $430 billion superannuation fund is increasing its administration fees for the first time since 2022.

From October 31, the administration fee for accumulation members will increase from 0.10% to 0.12% per year.

For balances of up to $50,000, for example, members will see an increase of up to 49 cents per week.

For balances between $350,000 and $500,000, members will see an increase of up to $5.97 per week.

AustralianSuper has more than 3.6 million members, the majority of whom (88%) are accumulation members. For accumulation members with balances up to $250,000, administration fees will increase by up to $1.83 per week.

For members in Choice Income and Transition to Retirement Income this change is effective from November 1.

The asset-based fee cap for accumulation accounts will also rise from $350 to $600 per year. This will affect about 7% of accumulation members. In addition, the administration fee tax benefit will no longer apply to members in accumulation and Transition to Retirement Income accounts.

AustralianSuper said the increased fees will go towards services, support and security for members.

It promises members will also see "further improvements in cyber security, with industry-leading verification tools coming online soon."

In 2025, 10 members of the super fund collectively lost $750,000 following a cyber-attack.

The admin fee increase comes after Super Consumers Australia (SCA) called out AustralianSuper and Team Super for failing to answer 90% of calls in a mystery shopper study. Team Super answered just half (52%) of phone calls compared to the industry average of 87%.

On the admin fee increase, AustralianSuper deputy chief executive and chief member officer Rose Kerlin said the fund remained focused on delivering strong long-term value for members.

"We have been investing significantly over the past few years to meet the evolving expectations of members when it comes to service and security," she 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."