“The trustee has decided to close the property and infrastructure investment options on 4 October 2024,” the fund confirmed in an investment update for financial year 2023–24.
“The main reason for the impending closure of the options was that only a small group of members have been invested in these options.”
Its infrastructure and property strategies delivered returns of 4.45 per cent and -7.52 per cent, respectively, over FY23–24.
Now, its Balanced low-cost investment option – which recorded a 10.66 per cent return – no longer invests in either the unlisted property or infrastructure asset classes.
As a result, Vision Super said, the estimated fees and costs of its low-cost strategy have fallen.
“Members with money invested in the property and infrastructure investment options prior to the closure can switch to a different option of their choosing during the August trade window,” Vision Super said.
It added that any members with money still invested in either investment strategy at the closure date of 4 October will automatically be transferred to the Balanced growth option, which has seen returns of 8.42 per cent in the year to 30 June 2024.
A number of other super funds have also pulled the plug on select investment options. Hostplus, last year, similarly said it would discontinue its single sector property and infrastructure strategies, opting instead to introduce six new “pre-mixed” options for members.
In April, following a “rigorous review”, Brighter Super also announced it would offer one set of investment options for all members in an effort to cut down on costs.
Since its merger with Suncorp Super in 2022, Brighter Super had been offering two separate sets of investment – one for Brighter Super’s members and one for former Suncorp Super members with Optimiser Accounts, offering a total of 32 options.
The fund said in a statement that it arrived at a decision, which it described as being in the “members’ best interest”, to close the existing Brighter Super Growth, Balanced, Conservative Balanced, Stable, and International Shares options.
The changes to Vision Super’s product line-up follow its announcement in May that it signed a successor fund transfer deed with Active Super, confirming a merger date of 1 March 2025.
With Vision Super set to be the successor fund, the new entity will hold some $29 billion in funds under management and 170,000 member accounts.
