Australian Catholic Superannuation has dropped its asset-based administration fee to 0.19 per cent per annum for each account balance. Furthermore, the capping of the fund’s maximum asset-based administration fee has been reduced from $2,000 to $1,520 per financial year.
The fund has also reduced all investment management fees by 0.01 per cent. The only exceptions were cash and term deposits that remain as they were.
Chief executive Greg Cantor emphasised the fund’s priorities of excellent service and competitive fees for its members when speaking on the fee reduction.
“This fee reduction is about putting our members first. Our goal is to help our members achieve the best retirement outcomes,” Mr Cantor said.
“As a profit-to-member fund, we are committed to passing on cost savings directly to our members where possible.”
Mr Cantor was also keen to stress that the fund will continue to increase its service offering to clients, despite the reduction in fees.
He indicated that Australian Catholic Superannuation would do this by continuing to increase the provision of webinars and videoconferences to help members best manage their retirement savings throughout the challenges of the ongoing COVID-19 pandemic.
“Our team responded to a record 54,000 calls, 18,500 emails, 2,000 webchats from members and employers last financial year, and made an additional 6,500 outbound calls,” said Mr Cantor.
“We recognise that in the current environment our members are seeking advice and information on their superannuation options and retirement planning more than ever. We have responded by providing more webinars for our members and access to our team of financial planners by video conference.”
