Industry superannuation fund, Hostplus, will drop its pension fee to $4.50 per week (down from $7.50) from 1 April, 2020.
The fee decrease would save members $156 a year.
Hostplus chief executive, David Elia, said: “Unlike a straightforward, fixed, weekly dollar-based fee, asset-based fees which are a percentage of your account’s balance, are often charged in addition to fixed fees by many funds and, and typically increase as your account balance does.
“Hostplus is pleased to be able to continue to innovate and leverage its scale benefits and cost disciplines for the benefit of members.
“Our super account fee freeze, and now a significant reduction in our pension administration fee, continue to support our market-leading performance in both fees and net return performance.”
The $260 billion fund has unveiled a streamlined suite of choice investment options across superannuation and retirement products.
The $82 billion fund has appointed a new head of investment execution.
A financial services veteran has been named general manager for product at the $80 billion fund.
The fund’s chief executive is set to join the Queensland Futures Institute as its new president, commencing at the end of the quarter.
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