Industry fund implements fee changes

A $16 billion industry superannuation fund has made a raft of changes to the fees paid by its members.

Effective this month, Equipsuper has removed its weekly $1 administration fee for accumulation members with a balance of less than $3000.

At the same time, the fund increased its asset-based administration fee.

Members will now pay 0.25% p.a - up from 0.15% p.a. - for accumulation, account-based pension and transition to retirement accounts. The change also applies to additional accumulation accounts of defined benefit members.

Meanwhile, investment fees on some account-based pension options have also changed.

Members that will see savings are those in the balanced growth option who will now pay 0.30% p.a. instead of 0.32%; those in Australian shares have seen their fees drop from 0.48% p.a. to 0.47% p.a.; and those in the sustainable option now pay 0.44% p.a., down from 0.46%.

However, fees on the balanced option have grown from 0.20% p.a. to 0.22% p.a. and those charged to members in the conservative option have increased to 0.19% p.a., up from 0.16%.

Rainmaker research shows Equip Corporate and Equip MyFuture rank 12th and 13th respectively in the top 50 MySuper options by lowest total expense ratio.

As at March 2019, Equip Corporate's TER sat at 0.84% while Equip MyFuture's came in at 0.86%.

Read more: Equip CorporateEquip MyFutureEquipsuperMySuper
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