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.”
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.