Online retailer Kogan and financial services consulting firm Mercer have combined to enter the superannuation market with a new fund.
Kogan Super is marketing itself as a low-fee simplified fund, with an optimised digital experience, using Kogan’s online capabilities along with Mercer’s investment expertise.
The fund is being operated as part of the Mercer Super Trust, Mercer Superannuation being the trustee.
It has an online joining process, digital account management and five investment options: enhanced index growth, enhanced indexed conservative growth, indexed Australian property, indexed diversified shares and cash.
The sign on process also allows users to consolidate existing super accounts.
Ruslan Kogan, founder and chief executive of Kogan, said his company aims to sell products and services at some of the lowest prices in the market.
“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,” Mr Kogan said.
“We are proud to extend our financial services offering to superannuation.
“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 back-end systems and fund administration capabilities.”
Customers can choose one of the five investment options to suit their risk tolerance or they can have customised investment by mixing the options.
Kogan Super also provides death and total and or permanent disablement insurance.
The move will support the business’ growth in the local market.
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