18 months in, Vanguard Super cuts admin fees

Vanguard Super has cited a strong first year of performance and growth while announcing administration fee reductions.

The super fund said that administration fees across all Vanguard superannuation would be reduced as follows:

• the annual administration fee will reduce from 0.35% to 0.33%; and
• the administration fee cap will be lowered from $850,000 to $300,000.

The company said the changes meant that, for most Vanguard Super investment options, the year fee would be reduced to 0.56% per annum while for the portion of the member’s balance above $300,000, the yearly fee reduced to 0.28% per annum.

It claimed this would make Vanguard Super’s default Lifecycle product one of the lowest cost options in the market.

Commenting on the move, Vanguard Investments Australia managing director, Daniel Shrimski said that after 18 months in the market the firm was pleased to start delivering on its low fee promise.