The members of a $20 billion industry superannuation fund will benefit from a reduction in administration fees following a review.
VicSuper has lowered administration fees across its FutureSaver and Flexible Income accounts. Fees for the former have been reduced from 0.28% to 0.19% per annum, while the latter have decreased to 0.22% from 0.28% per annum.
VicSuper chief executive Michael Dundon said the fund regularly reviews fees in line with the services it provides. The fund wants to provide as much value as possible to members, he said.
"As a result of significant net asset growth from continued positive net inflows as well as strong investment returns VicSuper has now grown to over $20 billion," Dundon added.
"As a profit to member fund we were able to reduce our administration fee so our members can benefit from our efficiency and scale gains."
The reductions will kick in from 1 July 2018.
VicSuper also recently launched a mobile app, allowing members to check in with their accounts while on the go.