A reader asked me about their Superlife fund charges. She notices something funny on her transaction list: Instead of charging $1/month on admin fee, she got charged $1/day.
After checking my transaction, I believe those charges are incorrect and she contacted Superlife. Superlife immediately said the charges were wrong and reversed them straight away.
This is a good reminder for all investors to a take look at their transaction once in a while. I am all for ‘set and forget’ method to invest but we should look at those charges maybe once or twice a year. Not only to Superlife but all of your investments including your KiwiSaver.
I have account with Superlife and KiwiSaver with Simplicity, here is how to check those transactions
Go to superlife.co.nz and click on “Log in”
Click “Transaction history” on the left
Select ‘last 12 months’ on period, select ‘All’ on Funds, select ‘Administration Fees’ on Transaction types.
They should charge $1/month. (The $2.75 charges was before the admin fee price drop)
Go to Simplicity.kiwi and Log in.
Click ‘My transaction’ on the menu.
There will be a list of transactions and Simplicity should charge $2.5/month on member fee.
If you are with a different fund or service and don’t know how to check transactions, call the service provider and ask them.
If there is anything out of the ordinary, you should contact the fund manager and get them to correct that as soon as possible.