POWERED BY MOMENTUM MEDIA
LGIAsuper reduces admin fees
LGIAsuper will reduce its weekly member fixed administration fee by a third this month as a result of the fund’s admin partnership with Tech Mahindra that has reduced the cost of operation.
The reduction would be from $1.50 per week to $1 per week.
LGIAsuper chief executive, Kate Farrar, said: “We introduced a weekly fee in July 2019, at the same time as we reduced our variable administration fee, to make our structure for administration costs fairer for members.
“This is the result of the fund setting in place a very robust strategy to reduce costs, our team successfully delivering on the strategy, and us passing those savings straight through to members at a time when they really need it.
“As a members-first fund, we want to ensure members benefit from our lower costs and we recognise that any reduction in fees could make a big difference over the long-term.”
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
