Colonial First State has reduced the administration fee on its FirstChoice Employer Super product to 0.3% plus $10 per annum – saving members $50 each year, starting from October.
CFS said this latest fee cut would bring the total fee reduction for MySuper products to $24 million since November last year. Over the past two years, CFS said its fee cuts had an aggregated savings of over $215 million per year.
Kelly Power, CFS Superannuation chief executive, said: “The decision to reduce our administration fee for our FirstChoice Employer Super members is part and parcel of how CFS is evolving as a business. We are committed to continuing to share the benefits of our scale with members.
“As we establish CFS as a standalone business, we are reinvesting to ensure CFS emerges as one of the most competitive superannuation and investments businesses in Australia with membership retirement outcomes at the heart of everything we do.”
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.