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 Association of Superannuation Funds of Australia has appointed a new director representing industry funds, among a number of other appointments in recent months.
The Association of Superannuation Funds of Australia has tapped an experienced public policy executive as head of policy and advocacy.
The firm has welcomed an experienced financial services executive, who helped establish Vanguard's superannuation business, as its new chief financial officer.
The $8.9 billion fund has tapped a fintech company headquartered in Rotterdam as investment performance consultant.
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