Self managed super funds incur higher fees

Fees on self-managed superannuation funds are much higher than fees charged on other retirement savings products. Tax Office data shows that a fund with between $100,000 and $200,000 incurs annual running costs of 2.4 per cent or $3537. For a fund with more than $300,000 annual costs average $11,825. Industry fund fees average about one per cent. About 300,000 people have self-managed super funds.