Fees cut at Sun
17 April 2009,
SUNSUPER will cut pension fees in May with a move that could save members up to $300 a year by slashing administration costs.
Fees will be reduced from 0.35 per cent to 0.25 per cent on the first $300,000 members have in their retirement and workforce pension accounts.
For the next $400,000 in the account the fee will continue to be 0.15 per cent and there will be no fees on anything above $700,000.
CEO Tony Lally says the fee cut is a move to put money back into the pockets of Sunsuper pensioners.
“Our aim is to help our pension members maximise the size of their retirement nest egg and as a profit-for-members fund we will pass on any cost savings in the form of lower fees,”
The number of members who joined Sunsuper is up 22 per cent on what it was at the close of the financial year – a year in which member numbers more than doubled.