Online retailer turned retail-everything Kogan has entered the superannuation market.
Having begun as an online retailer in 2006, Kogan since established businesses selling insurance, internet and mobile phone plans and travel. It will now partner with global superannuation consultancy Mercer to offer a superannuation fund.
In a statement, Kogan chief executive Ruslan Kogan said the new fund would target the budget-conscious end of the market by offering a low-fees product.
Mr Kogan said the fund would be a “no-frills, low cost, index-based offering with low fees enabling Australians to invest and grow their hard-earned money for the future”.
“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,” he said in a statement.
Kogan reportedly claimed it would charge an annual fee of $335 on a super fund balance of $50,000, which would make it the third-lowest in the country, according to superannuation research house SuperRatings.
CEO of Mercer Australia, Ben Walsh, said Kogan Super would combine Kogan’s strength in “customer-facing online experiences” with Mercer’s “global investment expertise, robust backend systems and fund administration capabilities”.
According to its launch press release, Kogan will offer four index-based fund options and one cash-based option.
It will also provide default Death and Total and/or Permanent Disablement insurance “for eligible customers”, it said at launch.
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