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 super fund has tapped a former Vanguard and Plato Investment Management executive to lead its fixed interest team.
The firm has grown its wealth management team with an experienced distribution specialist.
The $36 billion fund has announced the appointment of an experienced public sector executive leader.
The mega fund has announced two new appointments to its board, including the former deputy chair of the prudential regulator and a former secretary to the Australian Treasury.
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