Colonial First State has reduced the administration fee on its FirstChoice Employer Super product to 0.3% plus $10 per annum – saving members $50 each year, starting from October.
CFS said this latest fee cut would bring the total fee reduction for MySuper products to $24 million since November last year. Over the past two years, CFS said its fee cuts had an aggregated savings of over $215 million per year.
Kelly Power, CFS Superannuation chief executive, said: “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.
“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.”
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.