smartMonday reduces fees for 95% of members

Joining Future Super Group earlier this year, smartMonday promised a review of fee arrangements to simplify its fee structure and benefit members (from the combined efficiencies of the two groups). With the review and acquisition complete, smartMonday will:

• freeze its member fee for the next year at $72

• reduce its asset administration fee from 0.44% to 0.36% (even further for those on a special corporate plan – login to your member portal for details)

• reduce most of its investment fees – you can review a full list of these fees here

• discontinue our fee rebate of 0.1% on the portion of account balances greater than $250,000.

smartMonday began a review of its fees soon after its transition to Future Super Group in February. The purpose was to simplify the fee structure so it’s easier for members to understand, and to benefit members through any fee reductions gained from our greater scale.

“This is the first of many benefits we’re delivering to our members following our transition to Future Super Group earlier this year. This fee reduction means more of our members’ money will stay in their account, building toward their future,” said smartMonday executive general manager Shannon O’Shea.

“As we continue our journey with Future Super, we’re expecting to announce further enhancements to our members, as the two funds benefit from each other’s expertise and combined efficiencies.”

Another change for smartMonday following its sale to Future Super Group is the renaming of its flagship product from Aon MySuper to smartMonday Lifecycle, which will take effect 1 July 2022.