UniSuper to lower admin fees
UniSuper has announced it will “significantly reduce” its annual administration fee from 1 October this year, with its $96 annual administration fee to become the lesser of $96 or two per cent of the member’s account balance.
The fund said this would lead to a reduction for the over 100,000 members who have account balances of less than $4,800, against a backdrop of increased focus on fees for low member accounts in the wake of the Productivity Commission’s report and the Federal Budget.
In fact, UniSuper said that this change should satisfy in advance the Budget’s proposed change of a three per cent cap on combined administration and investment fees and costs for low balance members.
Fees should also be reduced in practice by a 15 per cent tax rebate UniSuper said would be passed onto members.
UniSuper chief executive, Kevin O’Sullivan, said the changes would benefit casual, young and new members most, saying it would help them build their account balances more quickly and stop fees eroding their balances.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.