Christian Super, the $1.5 billion superannuation fund, will be making changes to its fee structures following a comprehensive review.
As part of the new Protecting Your Super legislative requirements effective July 1, the fixed administration fee will decrease to $1.25 per week from $1.75 per week ($91 per annum).
The combined investment fee and indirect cost ratio for all mixed asset class options will reduce between 0.02% and 0.15%. The ethical cash option will reduce by more than half to 0.17%.
Meanwhile, the variable administration fee will increase to 0.27%. The current PDS shows the variable portion of admin fees sits at a 0.20% expense recovery cost capped at $914.22.
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The new laws will also ban exit fees, which the fund charges at $52, and apply a 3% fee cap for account balances with $6000 or less.
Christian Super chief executive Ross Piper said: "As a profit-to-member fund, we aim to keep fees as low as possible, while still providing excellent service. This fee reduction is a great outcome for our members and is the direct result of the strong ongoing growth we have experienced as a fund."
Piper said in addition to the changes, Christian Super will be launching a range of product enhancements over the coming months.
The fund recently awarded Robeco a $100 million enhanced indexing strategy mandate, which is part of its strategy to restructure its equity portfolios.