GESB has reduced the fee for its Retirement Income Allocated Pension, citing greater efficiency and scale as two factors that have helped to reduce the cost of administration and management.
The savings have been passed on to members, according to general manager of wealth management, Fabian Ross.
“The fee reduction equates to an annual saving of $20 for every $10,000 a member has in their account,” he said.
“So, a member with an account balance of $150,000 will be saving $300 per year.”
The reduction in fees has been effective since the start of the month, and members will not need to do anything to benefit from the changes.
GESB is the largest superannuation provider in Western Australia with more than 320,000 members.
