GuildSuper overhauls MyMix option

After receiving member feedback that its MyMix investment menu needed to be simplified, GuildSuper has done just that - closing five of its investment options and updating fees.

From June 14, GuildSuper will permanently close the high growth, conservative, Australian shares, international shares, and property securities investment options currently available within its MyMix product.

Members will then be able to select from growth, balanced and secure options, in addition to the MySuper Lifestage option, the fund said. Members who don't select a new option will automatically be transferred to another, similar strategy.

The decision to simplify the investment menu follows a survey of members last year, GuildSuper said.

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The changes have resulted in changes to the investment management fees; indirect costs now form part of the investment fee, the fund said.

Prior to this month, the investment management fee for the balanced option was 0.37% and the indirect cost ratio was 0.41% for a total of 0.51%. Now, the total investment management fee is 0.50% and from July 1 it will increase to 0.63%.

For the growth option, the investment fee was 0.41% with an ICR of 0.20%. It's now 0.60% and will grow to 0.73% from July.

Administration fees applied to the MyMix product have also changed, effective this month.

The existing dollar-based fee of $95 per annum will increase to $115 per annum, while the existing percentage-based fee of up to 1.25% per annum will drop to 0.30%. Previously members could receive a rebate of up to 1% depending on the amount invested - this has now been removed.

Also effective this month, members no longer incur a fee for switching investment options, the fund said.