Christian Super will reduce its fees from the start of the next month, with the fund declaring that the cuts mean that “most members” will be paying less.
The fixed administration fee on superannuation accounts would be reduced to $1.25 per week, while its variable counterparts would increase to 0.27 per cent. Exit fees would be removed, in line with Government reform, while a three per cent cap for low-balance accounts would be introduced to meet legislative requirements. This cap wouldn’t include insurance premiums.
For members in mixed asset class options, the combined investment fee and indirect cost ratio would see reductions of 0.02 to 0.15 per cent, and those in ethical options would see the same elements reduced by more than half, to 0.17 per cent.
“As a profit-to-member fund, we aim to keep fees as low as possible, while still providing excellent service. This fee reduction is a great outcome for our members and is the direct result of the strong ongoing growth we have experienced as a fund,” Christian Super chief executive, Ross Piper, said.
“We know a number of funds are considering raising their fees to cover the impacts of the Protecting Your Super reforms and are delighted to be able to reduce our fees while incorporating these changes.”