In a statement released this week, the wealth management giant confirmed it will be reducing the administrative fee on this super to 0.30 per cent of funds under management plus $10 per annum.
CFS has been reducing fees for its 770,000 members over the past two years. The firm estimates this has led to aggregate savings of $215 million per year during this time.
This fee cut will bring the total fee reduction for MySuper products to $24 million since November 2020.
“The decision to reduce our administration fee for our FirstChoice Employer Super members is part and parcel of how CFS is evolving as a business. We are committed to continuing to share the benefits of our scale with members,” CFS Superannuation chief executive, Kelly Power, said.
“As we establish CFS as a standalone business, we are reinvesting to ensure CFS emerges as one of the most competitive superannuation and investments businesses in Australia with membership retirement outcomes at the heart of everything we do”.
The news comes as CFS unveiled a new leadership team serving under executive chairman-elect Rob Coombe.
Key appointments noted were Ms Power as CEO of CFS Superannuation, as well as Andrew Morgan as CFO and Anthony Lane as chief risk officer.
