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TelstraSuper reduces admin fees

TelstraSuper has lowered its percentage-based administration fee, effective April 1.

The percentage-based administration fee will be reduced from 0.17% to 0.16% p.a. of each member's account balance.

"As every little bit counts, we think that this move will provide a welcome boost to your retirement savings over the long term," TelstraSuper said.

The super fund said this is the third time it had reduced its percentage-based admin fee in as many years. The dollar-based admin fee will remain at $1 per week.

In addition, the fund has also reduced the total administration fee cap from $1752 to $1652 per year.

"[This] means eligible couples and individual members will be eligible for an admin fee rebate if they have an account balance of at least $1,000,000 for individuals, or a combined account balance of $967,500 for couples (reduced from $969,410)," the fund said.

"As your balance grows, your administration fees won't once you reach these new account balance limits."

However, members with income protection, or applying for income protection, were also advised by the fund the monthly income benefit would be increasing effective April 4 from 85% to 87%.

TelstraSuper said the superannuation guarantee benefit paid to member's accounts changing from 10% to 12% would mean most members with IP cover would pay a higher annual amount for IP cover, although there would be no increase to the premium amounts.

Read more: TelstraSuper