LGIAsuper will reduce its weekly member fixed administration fee by a third this month as a result of the fund’s admin partnership with Tech Mahindra that has reduced the cost of operation.
The reduction would be from $1.50 per week to $1 per week.
LGIAsuper chief executive, Kate Farrar, said: “We introduced a weekly fee in July 2019, at the same time as we reduced our variable administration fee, to make our structure for administration costs fairer for members.
“This is the result of the fund setting in place a very robust strategy to reduce costs, our team successfully delivering on the strategy, and us passing those savings straight through to members at a time when they really need it.
“As a members-first fund, we want to ensure members benefit from our lower costs and we recognise that any reduction in fees could make a big difference over the long-term.”