Energy Super drops fees

Energy Super has dropped its fees by four basis points to 0.18% for members with an accumulation superannuation account.

In an announcement, the fund said from 1 October the overall indirect costs for each investment option would reduce anywhere from between 0.04% to 0.12% depending on the investment option.

“The reduction means Energy Super members who have an average account balance of $161,000 will see annual fees decrease by up to $193.20 a year, with those in MySuper receiving a saving of $112.70 on the average account balance,” the firm said.

The fund has also capped the asset-based administration fees for spousal accounts with an accumulation balance of $500,000 r more at $900 per annum, down from $1,100.

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Energy Super said it had made changes to its internet operations by introducing new technology, transitioning to a new administrator, and investing in product development.

The fund’s chief executive, Robyn Petrou, said: “At a time when many funds are increasing their fees, we’re bucking the trend and ensuring our members only pay what’s fair.

“Opening the fund to employees beyond the energy sector gives all our members the benefits of reduced fees because of economies of scale,” she said.