Equip Super announces fee reduction

Multi-sector industry fund, Equip Super, has announced a cut in fees and costs for accumulation and pension members from 1 February next year.

The cut is a result of investment fee reductions for all Equip investment options except cash, and from the scrapping of the 0.08 per cent levy that has been in place since August 2013 to build fund reserves.

The levy was scrapped five months earlier than expected.

The total annual fee for a MySuper member with a $50,000 account balance will decrease by 15 per cent, from the current $543 to $463.

The super fund announced earlier this year it would partner with an automated investment service to provide digital advice to the younger demographic.

Equip chief executive, Danielle Press, said: "It is extremely pleasing that we are able to announce this while simultaneously paving the way for the introduction of our automated investment service in the first half of 2016 and expanding our financial planning business".