Vision Super has reduced fees for members for the third time in two years as the fund has managed to take out $150 million in costs from the business.

The total fees on a $50,000 balance have now been cut from $488 to $463 for Super Saver (default) members.

The total fees on a $50,000 balance for Vision Personal – Sustainable balanced option have been cut from $238 to $223.

Fees on a $50,000 pension balance have been cut from $515 to $490.

The industry fund’s chief executive, Stephen Rowe, said: “At Vision Super, we’re always focused on getting the best possible retirement outcome for our members.

“We’re delighted to announce this further reduction in fees, which means more money for members’ retirements. We’re charging substantially less than some of the biggest funds in the country charge, and our returns speak for themselves.”