Super fund lowers MySuper fees

A $6 billion superannuation fund has lowered fees for its balanced MySuper option.

TWUSuper's default members will go from paying $808 per year in total fees to $758 per year for every $50,000 in balance, after changes that came into effect on 1 November 2019.

This includes reductions in investment fees which went down from 0.15% to 0.13% per year and indirect costs which went from 1% to 0.92% per year.

Majority of TWUSuper's assets are in its balanced (MySuper) option at roughly $5.1 billion of the fund's $5.8 billion in total assets.

The fund has also lowered fees on its cash plus option from 0.03% to 0.02% per year in investment fees.

Lastly, the equity plus option is going down from 0.18% to 0.15% per year in investment fees.

TWUSuper is the superannuation fund for transport industry workers and has been around since 1984.

Its balanced (MySuper) option returned 11.8% in the year ending November, compared to the median workplace MySuper option that returned 13.5% over the period.

The fund's 10-year returns stand at 7.8%, also below the category median of 8%, according to Rainmaker Information data.

Read more: MySupersuperannuationTWUSuper
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