Prime Super to change admin fees

Prime Super has announced changes to its administration fees and costs, which will take effect from 1 July 2025.

For accumulation accounts, the fixed administration fee will decrease from $1.53 per week (subject to a 15% tax rebate) to $1.50 per week, with the tax rebate removed. The asset-based administration fee will fall from 0.588% per annum (0.500% net after tax rebate) to 0.33% per annum, but the annual fee cap will increase from $588 ($500 net) to $825.

For pension accounts, including transition to retirement and retirement products, the fixed fee will remain at $1.30 per week. The asset-based fee will decrease from 0.500% per annum to 0.33% per annum, while the annual cap will increase from $500 to $825.

Prime Super said the changes mean the asset-based administration fee will be reduced across all account types, while the fee cap will be raised.

For Accumulation accounts, the fixed fee will also be reduced and the tax rebate removed.

Earlier this year, Prime Super chief executive Raelene Seales told Financial Standard that the fund was prioritising an evaluation of whether its fees - which she acknowledged are among the highest in the market - are appropriate.