Kinetic Super to cut admin fees
In the spirit of the festive season, Kinetic Super has announced an early Christmas gift for its members, by cutting fees by 15 cents a week.
The reduced fees will come into effect from 1 January 2016, and will save members $7.80 a year, with members paying $80.60 in admin fees next year.
Kinetic Super acting chief executive, Elizabeth Thomas, said the cut would make its fees among the lowest of any super funds.
"If there is an opportunity to lower our administration fees, then we will. We strive to deliver stronger retirement outcomes for our members, and reducing administration fees is one way to do this," she said.
"Even a small difference in fees has the potential to save our members thousands of dollars over the life of their super.
"Kinetic Super is a fund run solely for the benefit of our members, which means no commissions are paid to agents or dividends to shareholders, which allows us to keep our fees as low as possible."
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