Hostplus drops pension fee

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.

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“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.”

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