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REI Super and Metlife negotiate premium cut
Real estate industry fund REI Super has cut its death and disablement insurance premiums and administrative fees on pensions accounts, after a negotiation with its insurer, Metlife.
Effective from the start of this month, the agreement would see savings of five to six per cent on premiums for most members. The pension admin fees would go from $182 to $85.80, in addition to percentage-based fees on investment options.
“We’ve achieved some great efficiencies and we’re delighted to be able to pass on the resulting fee savings to our pension members,” REI Super chief executive, Mal Smith, said.
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The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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