smartMonday tweaks fees, MySuper structure

The super fund is transforming its MySuper LifeCycle structure by shrinking nine options into four distinct categories, while making changes to its investment and administration fees.

From 14 August 2026, smartMonday's MySuper investment option will automatically transition from the current design to a more simple four-stage structure changing members' investments through four different life stages. The first one will consolidate every member aged 50 and under, with 92% of their portfolio invested in growth assets, followed by 51-60 (75%); 61-66 (65%); and 67 and over (55%).

The super fund said the change will be easier to understand for members and better support the modernised retirement journey.

"Higher allocations to growth assets for younger members, reflecting modern retirement patterns, increased longevity and the likelihood that members remain invested well into retirement." smartMonday said.

Meanwhile, it will also change its administration and investment fees, with annual administration fees reducing from $72 to $67.60. Percentage-based administration fees will also reduce from 0.29% to 0.16% per year, while a new $1000 annual cap will be applied on the percentage-based administration fee.

Investment fees and costs will, however, increase across most investment options, while fees for the cash option will decrease, smartMonday said.

For many members, lower administration fees are expected to offset some or all increases. The overall impact will vary depending on the account balance and investment option, it said.

"We're making these changes to simplify our MySuper investment option, improve member understanding, better reflect modern retirement patterns and keep fees fair, transparent and aligned with the cost of managing the fund. The changes are also designed to support long-term member outcomes," smartMonday said.

"The changes may affect the fees deducted from your account and, for MySuper members, the way your investments are allocated.

"The overall impact will vary depending on your account balance, age and investment option."