LGIAsuper reduces admin fees

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.

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“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.”

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