ING DIRECT targets control and fees in superannuation launch04-09-2012 -
ING DIRECT today unveiled details of the product it promises will shake up the superannuation industry. ING DIRECT Living Super offers the first Balanced option available to all Australians with no administration or management fees*.
ING DIRECT CEO, Vaughn Richtor said, “Our entry to the superannuation market addresses a need to bring a more customer focused experience to superannuation.
“Our research found satisfaction and engagement with superannuation is lacking and customers’ trust in their fund managers is at an all time low.
“Australians are seeking to take more control of their investments, and their future, but are struggling to find products with the accessibility and transparency to make this a reality,” said Richtor.
In fact, levels of satisfaction with members’ main superannuation fund are now at their lowest level in eight years (Core Data, Oct 2011).
“Living Super provides members with control, fee transparency, simplicity, and ING DIRECT’s industry leading customer experience,” said Richtor.
ING DIRECT COO, Anne Myers, said, “Our research showed that people want to choose their investment options and have greater visibility over their super investments which is what Living Super delivers.”
“In addition, customers will have added control with the ability to move their money when they choose,” said Myers.
Key product features:
- The first Balanced Option available with no administration or management fees*
- Customer selected investments including cash, managed investments and real time share trading.
- No fees on Cash and Term Deposits held with INGD
- The first Balanced Option available with no administration or management fees
- 24x7 accessibility to manage your account online
“The launch of Living Super is an exciting opportunity for ING DIRECT as part of our commitment to providing fair and simple financial services to Australians,” said Richtor.
*The source for the statement ‘The first Balanced fund available to all Australians with no administration or management fees’ is SuperRatings Fee Research April 2012. This research included information about the default options of 372 currently available and closed superannuation funds. The accuracy of the information relied on by SuperRatings was the responsibility of the trustees of the relevant superannuation funds.
Buy/Sell spreads and other incidental transaction costs apply to all managed investment options, including the Balanced fund. Buy/Sell spreads and other transaction costs are retained within the managed investment and are not fees paid to ING DIRECT or the Trustee. The Trustee may replace one or more of the underlying investment managers which may affect the fee structure for the investment options. The Trustee may vary the fees for ING DIRECT Living Super without your consent by giving 30 days notice.
The Trust Company (Superannuation) Limited ABN49 006 421 638, AFSL 235153, RSE L0000635 is the Trustee of the ING DIRECT Superannuation Fund ABN13 355 603 448(Fund) and the issuer of interests in the Fund. ING DIRECT Living Super is a product issued out of the Fund. ING DIRECT, a division of ING Bank (Australia) Limited ABN24 000 893 292, AFSL 229823, is the Promoter of the Fund. Any advice does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should consider the relevantProduct Disclosure Statement, Terms and Conditions and the Financial Services Guide available at when deciding whether to acquire, or to continue to hold, a product. ING DIRECT’s colourorangeis a trademark of ING DIRECT and the ING Group of companies.
PR Manager, ING DIRECT
+61 2 9018 5160
+61 413 317 225
About ING DIRECT
ING DIRECT pioneered branchless banking in Australia by offering the first online, high interest, fee free savings account. Our low cost operating model allows us to pass these savings on to the customer in the form of great value products and services. Today, ING DIRECT has more than 1.4 million customers with $26 billion in deposits and $38 billion in mortgages and a range of innovative banking products. Please note ING DIRECT is never abbreviated to ING.