POWERED BY MOMENTUM MEDIA
BT cuts fees for super members
BT Financial Group will almost halve the fee costs for its MySuper and Choice members from 1 February, 2022.
The firm said the administration fee would drop from $108 per annum to $56 per annum and would affect over 470,000 members and total $20 million per annum.
BT Financial Group chief executive, Matt Rady said: “It is pleasing to be able to pass on fee reductions to members in a year where they have experienced continuing strong returns.
“Our three and five year returns continue to improve with a majority of members experiencing more than 11% over three years and more than 9% over five years,” Rady said.
BT noted the fee reduction followed the migration of 430,000 members to the new BT Super product and an internal simplification program which had made BT’s superannuation business more efficient with benefits now passed through to members.
The BT MySuper product was one of the 13 MySuper funds that failed the prudential regulator’s performance test in August.
Recommended for you
Australian Ethical has named its new head of equities, who previously spent 12 years at Perpetual.
The country’s sovereign wealth fund has unveiled a flurry of changes to its leadership team, including the appointment of a key executive role.
With Damian Graham stepping into a new capacity within the $190 billion super fund ahead of his retirement, a global search is set to commence for his replacement.
Cbus has swiftly promoted Leigh Gavin to chief investment officer only months after naming him deputy, as the fund works towards growing in size and bringing its investment expertise in-house.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
