Prime Super will abolish administration fees for superannuation accounts with balances under $6,000 from the start of next month, after assessing the impact the Protecting Your Super reforms would have on its membership.
“There has been speculation that the Protecting Your Super reforms will force fees up as super funds are required to transfer large numbers of inactive account balances to the ATO,” Prime Super chief executive, Lachlan Baird, said when announcing the change.
“Prime Super is in a position that allows a fee reduction for members with low balances. This change to the fee structure will deliver a very positive outcome to those with an account balance of $6,000 or less and the fee structure for all other members will remain unchanged.”
The major fee change the Protecting Your Super regime would see was the banning of all exit fees, including part withdrawals. Prime Super said that they had not charged these fees since 1 July, 2013.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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