Virgin Money sets one per cent flat fee on super

Virgin Money will market a low-frills superannuation product, aimed at the youth market. The Virgin Superannuation will charge a flat 1 per cent annual fee and no entry, exit, contribution or switching fees. The fund will adopt an “index” style of investment, but still offer choice of investment style (from capital stable through to balanced and aggressive investment options). Macquarie Bank will undertake the actual investments. ING Life will supply a basic insurance. Virgin said more than 10,000 people have already pre-registered for Virgin Superannuation.