Are your superannuation fees too high? APRA reveals latest industry medians

Here are the median annual fees for MySuper, platform, and non-platform TDP superannuation products.

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Australian Prudential Regulation Authority (APRA) has revealed the industry median annual fees for superannuation funds.

This information is partly designed to help superannuation savers judge whether their chosen fund is charging them too much.

This is important because fees eat into your returns and can have a 'material impact' on your retirement savings.

Let's investigate.

A male investor sits at his desk pondering at his laptop screen with a piece of paper in his hand.

Image source: Getty Images

Is your superannuation fund charging too much?

APRA has released the benchmark representative administration fees and expenses (BRAFE) for the 12 months to March 2025.

BRAFE represents the median administration fees and expenses charged to a representative member with a $50,000 account balance.

APRA has calculated a separate BRAFE for three types of superannuation products.

They are default MySuper funds, platform trustee-directed products (TDPs), and non-platform TDPs.

A platform TDP allows superannuation members to pick and choose their investments, such as ASX shares, ETFs, and managed funds.

Members can buy and sell their investments via the trading platform provided by their superannuation fund.

Over the 12 months to March 2025, the median BRAFE fee for MySuper superannuation products was 0.24932%.

For non-platform TDPs, the median fee was 0.2468%.

For platform TDPs, the median fee was 0.59%.

Further data from APRA shows that the medians for MySuper and non-platform TDPs have reduced, while platform TDP fees have gone up.

In the 12 months to June 2024, the median fees were 0.2715% for MySuper, 0.26326% for non-platform TDPs, and 0.5699% for platform TDPs.  

These look like small percentages, but add up to significant dollar amounts as your superannuation savings grow.

And you pay these fees every year for several decades!

Say you're aged 50 and have the recommended amount of $296,000 in savings to be on track for a comfortable retirement.

If you have a platform TDP, the current median fee equals $1,746.40 per annum.

But you may be paying more than that, depending on which superannuation fund you have entrusted with your retirement savings.

So, it's worth comparing what you're paying to the industry median to ensure you're getting value for money.

How are super funds performing in FY25?

New data from Chant West shows the median Australian growth superannuation fund has delivered a total return of 5.8% in FY25 to date.

Total return means capital growth plus dividends.

Chant West defines a median growth fund as one with 61% to 80% allocation to growth assets such as international and ASX shares.

The median growth fund has provided an average total return of 8% per annum since compulsory superannuation was introduced in 1992.

The target return for a median growth fund is CPI plus 3.5%.

The median superannuation growth fund delivered a 9.1% total return in FY24.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Superannuation

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Superannuation

Does the average superannuation balance at 60 generate enough passive income?

How prepared are we for retirement?

Read more »

two women having a coffee whilst working from their laptops
Superannuation

The average superannuation balance at age 62 in Australia. How does yours stack up?

Here's the average balance for men and women, versus what you need for a comfortable retirement.

Read more »

Two elderly people smiling with their fists pumping and with a cape on.
Superannuation

How much is needed in superannuation to target a $40,000 annual passive income?

Superannuation may be the best tool to deliver $40,000 of passive income.

Read more »

Male hands holding Australian dollar banknotes, symbolising dividends.
Superannuation

Superannuation funds have started the financial year well. See how much they're up

After a slow start, superannuation balances are looking good.

Read more »

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Superannuation

How much passive income could I earn from a $630,000 superannuation balance?

It's good to know how much income you can expect in retirement.

Read more »

Stacks of Australian dollar currency banknotes.
Superannuation

How much superannuation do I need to earn $10,000 per month in passive income?

How much can you earn off your superannuation balance?

Read more »

Woman with $50 notes in her hand thinking, symbolising dividends.
Superannuation

How much do I need in my superannuation to earn $50,000 per year in passive income?

How much do you have in your superannuation?

Read more »

A man lies on his back with arms akimbo dreaming of big success
Superannuation

Could your superannuation generate $10,000 a month in passive income by age 60?

The path to $10,000 a month may be clearer and shorter than it first appears.

Read more »