In a statement from ING Direct, head of third party distribution Mark Woolnough said the review was an endorsement of the product.
“The ‘recommended’ rating demonstrates the strong conviction that Lonsec has for the Living Super Balanced Option,” he said.
The fund is the “the first balanced option available to all Australians with no administration, contribution or management fees,” according to the statement.
“Alongside the ability to invest in ING Direct cash and term deposits with no fees, Living Super offers a wide menu of investment options with access to a range of managed funds, as well as real-time trading of shares listed on the ASX/S&P 200 index and selected ETFs and LICs,” the statement said.
Mr Woolnough suggested the fund had been well received by the public.
“Living Super is a great superannuation platform that is already resonating strongly with Australians who are increasingly demanding more transparency and better control when it comes to their retirement planning,” he said.
Im surprised this ‘free’ product has been so positively rated. There is no free lunch and last time i looked ING were not a register charity.
I expect the admin and investment fees are deducted off the gross returns.