Australian Super have indicated they will not allow fees to be deducted from their member’s accounts if the fee is charged under an ongoing fee arrangement, unless it is an arrangement in place for 12 months or less.

We have made further enquiries to Australian Super to challenge this and request they change this requirement. However, in the event that no resolution is forthcoming, Madison will allow 12 month “Fixed Term Arrangements” for clients who require some or all of their fees to be deducted from Australian Super. 

We believe this will only require a minor alteration to the “normal” OSA/Enhanced FDS documents we have planned for all ongoing clients. We will also need to review any required changes for the SOA/ROA templates for the fee disclosure sections. 

This is only a new development, so the final details are still to be determined. We will establish an “Australian Super” group on Workplace for updates. 

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