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.