Aware Super drops admin fees

Major industry fund, Aware Super, has cut its administration fees by up to 25%.

The fund has announced that its administration fees for members with a retirement income account will be reduced by up to 25% while it will also be lowering the maximum annual fee.

It said that from 1 June I would reduce the annual administration fee for retirement income and retirement transition members from 0.23% to 0.17% of a member’s balance. It has also cut the maximum annual administration fee on a retirement account from $1,500 to $1,300.

This could cut the annual administration fee for a retired member by up to 25%, or for the average Aware Super retiree member about $225 in the first year,” it said.

Confirming the move Aware Super group executive, Member Growth, Steve Travis said the fund was determined to keep fees low.

We’re now the third biggest superannuation fund in Australia and we invest $190 billion on behalf of our 1.2 million members. We want to share the benefit of our size and scale by passing fee reductions on to our members. In the first year alone, this cut will save our retired members a collective $18 million in fees.