Local Government Super (LGS) has rebranded itself and reduced fees in a bid to reach new customers and boost membership.
The move sees LGS adopt the new name of Active Super, and implement a range of fee reductions. The relaunch also includes a website redesign and an upgraded app with increased functionality.
The company said the trustee for the fund will remain as LGSS Pty Ltd, while the fund itself will begin trading as Active Super from 25 May 2021.
“This decision will increase our appeal to a broader range of members looking to have their superannuation invested in a responsible way, as well as delivering great returns so members can maximise their retirement outcome,” Active Super chief executive Phil Stockwell said.
“Active Super was chosen as the name as it captures our longstanding active pursuit of investments that deliver solid long-term returns for members that have a positive impact on the world, as well as our active involvement with our members and their local communities.”
Mr Stockwell said that member benefits and entitlements will not change, but that administration costs will.
As part of the rebranding effort, administration fees on the accumulation scheme, the account-based pension plan and the retirement scheme will be reduced, and the switching fee removed.
Active Super said that accumulation scheme members will receive a total administration fee reduction of at least 4 per cent per annum depending on the size of their balance.
The move, which will come into effect on 1 July 2021, marks the second year in a row that the fund has reduced fees.
Chant West has LGS rated as a “high-quality fund” with a score of four out of five, incorporating investment strategy, member services, fees, insurance and any organisational strengths.
Mr Stockwell said the rebrand would not affect the company’s commitment to ethical investing and would position them to better take advantage of the reforms occurring within the superannuation sector.
“We want to use size to our advantage as we are nimble enough to actively manage our investments to deliver great long-term returns and high levels of service for our members,” Mr Stockwell said.
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