Real estate industry fund REI Super has cut its death and disablement insurance premiums and administrative fees on pensions accounts, after a negotiation with its insurer, Metlife.
Effective from the start of this month, the agreement would see savings of five to six per cent on premiums for most members. The pension admin fees would go from $182 to $85.80, in addition to percentage-based fees on investment options.
“We’ve achieved some great efficiencies and we’re delighted to be able to pass on the resulting fee savings to our pension members,” REI Super chief executive, Mal Smith, said.
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.