MTAA Super has announced an administration fee reduction of 10 cents a week, bringing the weekly rate down to $1.50, from the start of February, saying it will result in a six per cent annual saving for members.
The fund also announced the removal of exit fees payable on amounts rolled out, as well as a fee reduction for pension members. Asset-based administration fees for pension accounts would see a 33 per cent reduction to 0.10 per cent, while the fee cap on pension accounts would be changed from $300,000 to $450,000.
“Our members are at the centre of everything we do, and we are kicking off 2019 with a fee reduction for all fund members,” MTAA Super chief executive, Leeanne Turner, said when announcing the changes.
“Raising the fee cap on pension accounts also ensures pension members with lower balances receive great value, and in some cases will be up to $150 a year better off. Keeping fees low for our members is a key priority.”
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.