Superannuation
Cbus hikes fees

Cbus has announced it will align its super and retirement fees with account keeping fees.

The weekly fee for members will increase to $2 from $1.50 from February 2020.

Cbus chief executive David Atkin said the move was the first account keeping fee increase in a decade and will make sure fund services keep pace with member expectations and regulatory requirements.

"We work hard to keep fees as low as possible and this is the first increase to the weekly flat fee in 10 years," Atkin said.

"The superannuation industry has changed significantly in a decade and members expect the same seamless service interactions they experience with their banks.

"Our fund is investing significantly to keep ahead of pace of change and to keep trust with our members."

Atkin added that the fund had made a concerted effort to reduce investment fees for members.

"We saved over $70 million in investment fees for members last year and will be saving over $100 million a year in the years to come," he said.

"We continue to build on our 35-year track record of low fees and strong investment returns for our members."

Cbus recently entered the world of corporate super, launching a new offering in November.

The Cbus Corporate Super product will see a member defaulted into the funds Growth MySuper option if they don't choose otherwise but includes the benefit of automatic tailored insurance dependant on the member's job.

Read more: David AtkinCbus Corporate Super
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