Prime Super tweaks fees across offerings

Prime Super will reduce its fixed and asset-based percentage administration fees from June 1, across its accumulation and pension products. It will also raise investment fees across options.

The super fund is introducing an administration cost of 0.015% per annum of super fund assets. This cost, it said, will be paid from the fund's assets and not deducted from member accounts.

"As part of our continuous review of our operations, Prime Super is reducing its administration fees and costs for members. In making these decisions, the trustee believes it is acting in the best financial interests of Prime Super members," it said.

The accumulation and pension account members will pay $1 per week from June 1, down from the current rate of $1.50 per week. Member accounts will also be charged 0.25% of their account balance per annum, a drop from the current rate of 0.33%.

Prime Super is also raising its estimated investment fees and costs from June 1.

The MySuper/Balanced, Managed Growth, Alternatives, Conservative and Income Focused options will see a rise of two percentage points. Australian Shares, International Shares, Property and Cash will see a rise of one percentage point.

A Balanced account member with $50,000 balance in accumulation and pension phases will be charged $399.50 when the changes come in place. Currently, an accumulation member pays $448 and pension member pays $437.60.

All investment options will see a drop in fees relative to current rates.

Separately, Prime Super recently announced the closing of its Fixed Interest option for members from May 1. The Income Focused option will close for accumulation members from May 16.

It also announced Frontier Advisors as its new asset consultant as of June 1, replacing PATRIZIA, which had partnered with the fund for more than a decade.