Equip pursues ‘fee equalisation’ in brand refresh

As part of a major brand refresh and consolidation drive, Equip has announced it will apply “fee equalisation” across the fund, resulting it says in lower admin fees for its members.

The promised fee cut, which Equip confirmed applies “to most members”, is the result of a wholesale streamlining drive across the business, including further unification of the Equip and Catholic Super brands.

Equip completed its formal merger with Catholic Super in late 2022, gaining APRA approval for the union in mid-2019.

Alongside its push for fee equalisation, Equip has also unveiled a new logo, a refreshed website, and “improved” investment options for its members.

Investment options have also now been consolidated into a single menu, and include a new, low-cost Index Diversified investment option.

The fund will also operate under a new name: ‘Equip Super’.

In a statement, Equip chief executive Scott Cameron said the changes would “drive more efficiencies in our fund to deliver strongly for members – through reduced fees from a more streamlined fund and a better, tailored member experience.”

The brand refresh is a culmination of Equip’s ‘One Fund’ project, a consolidation and streamlining of its brands and investment options.

As part of the program, Equip has closed four brands: MyLife MySuper, MyLife MyPension, Transport Industry Super (TIS) and MyLife MyAdvice. Members from these brands have been transitioned into Catholic Super, with MyLife MyAdvice changing to Catholic Super Financial Planning.

As well, Equip has announced that ‘Togethr Trustees’ – established in 2019 as a co-run trustee during the early phase of the merger process with Catholic Super – will lose its logo, but retain its name.

Equip, which boasts more than 140,000 members and $30 billion in funds under management, confirmed its goal of managing $50 billion for 300,000 members.

Cameron noted that while there are clear benefits to added scale, the super fund is not pursuing “growth for growth’s sake”.

“We aspire to be a different type of fund – one that’s big enough to matter, but small enough to care – always valuing our connection and commitment to our members, employers, and the communities in which they live and work.”

“With our new brand platform, we are doubling down on our member service experience. Our goal is to equip our members with knowledge and confidence, through both one-to-one interactions with financial planners and a brand-new suite of online educational tools,” Cameron said.