Equipsuper has dropped its flat weekly administration fees from $1.50 to $1.25 and has reduced its asset-based administration fees from 0.2 per cent to 0.15 per cent per annum.
InvestorDaily reported on Equipsuper’s merger with Rio Tinto Staff Superannuation Fund in June, a move that doubled funds under management to $14 billion.
Equip chief executive Nick Vamvakas said the fee reductions aim to deliver benefits for members, and forecasted more cuts in the future.
“While we are extremely pleased to be able to announce these reductions, we expect to deliver even more savings for members by the end of this financial year as we further consolidate products, investments and administration operations,” he said.
Members will be saving $150 in asset-based administration fees per year, with the maximum amount payable being $750 rather than $900.
Meanwhile, pensioners’ asset-based administration fees have halved, dropping to $750 per year from $1,575.
The asset-based fee for pensioners has also been reduced from 0.35 per cent to 0.15 per cent per annum.
However, a new flat weekly fee has been introduced, at $2.50 per week.
The investment fees of Equipsuper’s default option MySuper rose to 0.64 per cent per annum, up from 0.57 per cent at the previous disclosure.
Australian Unity hires former ANZ Wealth exec
First State Super announces new CEO
T Rowe Price appoints investment analyst
Corporate governance and advocacy in China
The shifting LIC landscape
The perils of chasing niche infrastructure