Australia’s simple, low-fee1 superannuation fund Kogan Super is now live, launched by Kogan.com (ASX: KGN) and Mercer, a business of Marsh and McLennan Companies (NYSE: MMC). With an online-led experience, the fund brings together Kogan.com’s capabilities in digital efficiencies together with Mercer’s expertise in superannuation to offer Australians a low-fee choice for their retirement savings.
Kogan Super seeks to provide Australians of all ages with a low-fee superannuation product that centres on simplicity – such as the short online joining process, easy digital account management and five simple investment options available – in a conservative and complex industry.
Kogan Super allows Australians to consolidate their existing super accounts easily during sign-up, ensuring that all known super accounts as well as any ‘lost super’ belonging to customers are able to be consolidated into one low-fee Kogan Super account.
Ruslan Kogan, Founder and CEO of Kogan.com, said Kogan Super provides a low-fee, reliable, and simple superannuation option for Australians, who are becoming increasingly conscious of the value they are receiving from their superannuation providers.
“More than ever, Australians are turning to low-cost super funds to ensure that their retirement savings aren’t being eroded over time by high fees. By leveraging our digital capabilities and delivering the superannuation needs of Australians online, Kogan Super can substantially cut annual fees for account holders,” said Mr Kogan.
“Our mission at Kogan.com is to bring Australians the products and services they need at some of the lowest prices in the market. We are proud to extend our financial services offerings to superannuation. Kogan Super provides a no-frills, low cost, index-based offering with low fees enabling Australians to invest and grow their hard earned money for the future,” added Mr Kogan.
CEO of Mercer Australia, Ben Walsh, said Kogan Super was the result of an innovative partnership with Kogan.com that was at the forefront of digital innovation in the superannuation sector.
“With Kogan Super, we’re making it as easy as possible for customers to understand and manage their super whilst delivering digital efficiencies and a simple set of investment options that enable us to keep fees low,” he said.
“We’ve embraced the very latest in technological innovations to provide customers with a high-quality level of service and account access via digital channels.
“Kogan Super offers a best practice online sign-up and account information experience. It combines Kogan.com’s strength in providing compelling customer-facing online experiences with Mercer’s global investment expertise, robust backend systems and fund administration capabilities,” he said.
Kogan Super offers five simple investment options for customers to choose from based on their risk tolerance. Alternatively, members can create a customised investment option by mixing from the five investment options available. Kogan Super also provides default Death and Total and/or Permanent Disablement insurance for eligible customers.
Australians can join Kogan Super at www.kogansuper.com.au, and more details on the offering are available on the website.
Notes to the editor
1. The five investment options initially available from Kogan Super are:
- Enhanced Index Growth: invests across most asset classes, but mainly in growth assets, predominantly taking an indexed investment approach.
- Enhanced Indexed Conservative Growth: invests across most asset classes, but mainly in defensive assets, predominantly taking an indexed investment approach.
- Indexed Australian Listed Property: invests predominantly in Australian-listed property developments, taking an indexed investment approach.
- Indexed Diversified Shares: invests mainly in a combination of Australian and international shares, taking an indexed investment approach.
- Cash: invests in cash and short-term interest-bearing investments.
2. Kogan Super is operated as part of the Mercer Super Trust. Mercer Superannuation (Australia) Limited RSE# L0000819, AFSL 235906 (MSAL) is the trustee of the Mercer Super Trust. Kogan Superannuation Pty Ltd is a corporate authorized representative of MSAL.
3. Information contained in this media release is general in nature and does not take into account an individual’s personal objectives, financial circumstances or needs.
Mercer delivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Across the Pacific, organisations look to Mercer for global insights, thought leadership and product innovation to help transform and grow their businesses.
Mercer’s more than 25,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a business of Marsh & McLennan Companies (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people with 76,000 colleagues and annualised revenue approaching $17 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com.au.
Kogan.com is a portfolio of retail and services businesses including Kogan Retail (the Kogan.com and DickSmith.com.au retail websites), Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Travel and Kogan Money. The Kogan brand is renowned for price leadership through digital efficiency.
● Kogan Retail and Kogan Marketplace offers products from leading brands across a wide range of categories including consumer electronics, appliances, homewares, hardware, toys, and many more. Kogan.com also owns and operates a suite of exclusive private label brands.
● Kogan Mobile provides value-based mobile offerings.
● Kogan Internet provides value-based nbnTMinternet plans.
● Kogan Insurance offers simple and affordable home, contents, landlord, car and travel insurance.
● Kogan Travel provides incredible travel deals to the most popular destinations.
● Kogan Money offers competitive home loans to Australian homeowners and investors
● Kogan Cars helps Aussies obtain great deals on new cars and excellent prices on trade-ins.
● Kogan Super is a simple, low-fee superannuation fund.
Kogan.com is headquartered in Melbourne, Australia, Kogan.com’s mission is to make the most in-demand consumer goods and services more accessible and affordable for everyone.
1 When compared to public offer funds on SuperRatings Top 10 Fees report (30/06/19) for lowest average fees payable on a $50,000 account balance