Colonial First State has reduced the administration fee on its FirstChoice Employer Super product to 0.3% plus $10 per annum – saving members $50 each year, starting from October.
CFS said this latest fee cut would bring the total fee reduction for MySuper products to $24 million since November last year. Over the past two years, CFS said its fee cuts had an aggregated savings of over $215 million per year.
Kelly Power, CFS Superannuation chief executive, said: “The decision to reduce our administration fee for our FirstChoice Employer Super members is part and parcel of how CFS is evolving as a business. We are committed to continuing to share the benefits of our scale with members.
“As we establish CFS as a standalone business, we are reinvesting to ensure CFS emerges as one of the most competitive superannuation and investments businesses in Australia with membership retirement outcomes at the heart of everything we do.”