A government superannuation fund has increased its admin fees for the first time in nine years.
Super SA, which provides superannuation to 210,000 public sector employees in South Australia, has informed members of some schemes that their admin fees will rise from 1 January 2020.
Members in Triple S, Super SA Select and Flexible Rollover Product currently pay a flat $1.35 per week as the administration fees.
Starting January, they will pay an extra 0.05% of their account balances each year, in addition to the weekly flat fees.
"At Super SA we manage costs carefully to keep fees as low as possible and we have an excellent track record in that regard. For nine years now, while costs continue to increase, the administration fee has remained unchanged," the fund told members in a statement.
"As of 1 January 2020 some fees will increase, however we're pleased to advise that they will remain below the industry funds average."
At the same time, the income stream product will half admin fees from 30 bps per year to 15bps. The maximum fees payable by a member are reducing from $58.33 per month to $31.25 per month.
All four schemes will see an increase in the family law fees. These are going up from $60 per request for information to $70, and $89 per party for splitting entitlement to $100 per party.
Super SA is also reviewing how it calculates unit pricing, and expects to finalise it by mid-2020.